Vietnam's Crude Oil Export Value Up 48.1 per cent to US$2.62 Bln in First Quarter
Vietnam is estimated to have exported over 3.49 million tons of crude oil worth over US$2.62 billion in the first quarter of this year, up 48.1 per cent on year in value but down 9.9 per cent in volume, said the General Statistics Office (GSO).
In March, the country is forecast to ship over 1.21 million tons of crude oil abroad, up 14.15 per cent on-month and down 3.97 per cent on year, according to the office.
Vietnam is estimate to earn US$954 million from outbound shipments in the month, up 24.05 per cent on month and up 56.39 per cent on year, the office noted.
“The high earning is mainly attributed to on-going high crude oil price in the world market,” an anonymous Ministry of Industry and Trade official said.
Crude oil is now Vietnam’s largest forex earner, contributing 20.04 per cent to national export revenues in January-March, said the GSO.
Currently, without major refineries, almost all crude oil is destined for export, while all refined oil products to feed national fuel needs are imported.
Vietnam is predicted to spend US$2.81 billion importing 3.65 million metric tons of petroleum products in the first three months, up 88.9 per cent on year and 21.8 per cent, respectively. (GSO Mar 2008)
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