Imports of oil and petrol increase by 31% in four months

Thursday, 2018-05-17 04:31:22
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Vietnam imported the largest volume of oil and petrol from Malaysia (illustrative image)
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NDO - Vietnam spent US$630 million on importing oil and petrol in April 2018, raising the total import value of oil and petrol in the first four months of this year to over US$2.8 billion, up 31.6% over the same period last year.

According to the Vietnam Industry and Trade Information Centre, under the Ministry of Industry and Trade, Vietnam imported oil and petrol from key markets, including Malaysia, the Republic of Korea (RoK), Thailand, Singapore and China, in the first quarter of this year.

Of which, Vietnam imported the largest volume of oil and petrol from Malaysia, with over 957,700 tonnes worth US$579 million, which accounted for 28.3% of Vietnam's total petrol import volume and 26.5% of Vietnam's total petrol import value.

The RoK was the second largest market providing oil and petrol for Vietnam, accounting for 27.1% of the total oil and petrol imports, while Singapore came in third among the petrol suppliers for Vietnam.

Although China ranked fourth among the oil and petrol suppliers for Vietnam, petrol imports from the Chinese market went up sharply by 62% in terms of volume, and 100% in terms of value, over the same period last year, reaching over 396,400 tonnes, equivalent to US$256.69 million.

In particular, Vietnam's imports from Thailand increased by 104.8% and 151% compared to the same period in 2017, in terms of volume and value respectively, reaching over 312,600 tonnes worth US$196.43 million.

The imported prices of oil and petrol from all markets to Vietnam in the first-quarter increased compared to the corresponding quarter of 2017, particularly imports from the Russian market with the import volume up by 9 times and the import value up by 12 times compared to the same quarter of 2017.