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.

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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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