In 8 months, crude oil import and export increased sharply in output
8 September, 2023
According to the General Statistics Office, In August 2023, Vietnam imports and exports 1.05 million tons of crude oil with a value of 661 million USD.
Accumulated in the first 8 months of 2023, Vietnam imported and exported 9.67 million tons of crude oil, and turnover reached 5.94 billion USD, up 25% in volume but down 6% in value over the same period last year.
In terms of exports, in August 2023 Vietnam will export 350,000 tons of crude oil with 239 million USD, up 74.9% in volume and 47.2% in value over the same period last year, respectively.
August 2023 is the month with the highest growth in both crude oil export volume and turnover since the beginning of 2023.
Accumulated in the first 8 months of 2023, Vietnam exported 1.98 million tons of crude oil with a turnover of 1.31 billion USD, up 18.4% in volume and 10.2% in value over the same period last year.
In terms of imports, in August 2023, reached 422 million USD, down 45.2% in volume and 58.3% in value respectively over the same period last year.
Generally, in the first 8 months of 2023, Vietnam imported 7.69 million tons of crude oil with a turnover of 4.63 billion USD, up 25.6% in volume and 4.9% in value.
Despite the increase, accumulated 8 months of crude oil export and import turnover were still lower than the same period last year. The main reason is that the world crude oil price has sometimes recorded a deep decline.
Crude oil prices fell the most in nearly 1 year in mid-March 2023, with WTI oil prices and Brent oil prices both falling significantly. In mid-March 2023, world oil prices have had the sharpest decline in nearly 1 year. Specifically, from March 13 to March 19, WTI oil prices fell by 12.83%, to $ 66.93 / barrel, the lowest level since late November 2021. Brent also fell 11.85% to $72.97 a barrel.
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