July 19, 2018 09:13

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Crude oil sharply declined in volume and turnover

08:12 | 03/07/2018

VCN- In the first half of 2018, total export turnover was expected to reach US$ 113.93 billion, increasing by 16%.  The major export commodities in June and the first half of 2018 still were phones and accessories; Computer and electronic products and parts; Textiles and garments; footwear; Wood and wooden products; Fishery products.  

crude oil sharply declined in volume and turnover Exporting crude oil and coal are going to decline significantly
crude oil sharply declined in volume and turnover Price of crude oil exports to Malaysia is the lowest
crude oil sharply declined in volume and turnover Collecting 200 billion VND from the first crude oil shipment of Nghi Son Refinery and Petrochemical Complex Project
crude oil sharply declined in volume and turnover
Crude oil exports in the first six months of 2018 and 2017. Chart by: T.B

However, export turnover of the two major commodities that decreased in the first six months of 2018 are coffee and crude oil. Accordingly, export turnover of coffee in June was estimated at US$ 287 million, decreasing by 2.4%, and the first six months of 2018 at US$ 1.98 billion, decreasing by 6% compared to the same period in 2017.

The volume of crude oil exports in June was estimated at 289,000 tons, decreasing by 14.4% with turnover of US$ 165 million, decreasing by 18% compared to the previous year. The volume of crude oil exports in the first six months was estimated at 1.85 million tons with turnover of US$ 1 billion, decreasing by 50.7% in volume and 32.2% in value compared to the same period in 2017.

The decline in volume is higher than the turnover, showing that the average price of crude oil exports in the previous months is higher than the same period in 2017. Over the past six months, the crude oil price was US $540/ton, while in the same period in 2017 was US$ 402/ton. Thus, the average export price increased US$ 138/ton equivalent to 34.3%.

Markets that have mainly imported crude oil from Vietnam are China with 405,297 tons (as of the end of May); Thailand with 294,096 tons; Australia with 259,896 tons, Japan with 257,623 tons, the US with 123,671 tons.

Notably, the major market importing crude oil from Vietnam in 2017 was South Korea, but the data from the General Department of Vietnam Customs has shown that the crude oil has not been exported to this market in the recent months.

crude oil sharply declined in volume and turnover Price of crude oil exports to Malaysia is the lowest

VCN- According to statistics of Vietnam Customs, Malaysia is the market with the lowest average price of ...

Besides the two commodities, some major export commodities have slow growth rate, such as phones only increased by 15.4% in the first six months of 2018, while in January increased by 69.3%; Computers increased by 48.4% in January and only increased by 15.7% in the first six months of the year. Textiles and Garments increased by 13.8% in the first six months of 2018, while increased 16.5% in January.

By Thai Binh/Ngoc Loan