Fuel imports surge in July

21-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Vietnam spent more than $633.2 million importing over one million tonnes of fuel products in July, up over 107 percent in value and nearly 99 percent in volume over the previous month, according to the general Department of Vietnam Customs.

The average price of fuel imports last month was also higher than in June, reaching over $600 per tonne, Thanh Nien Online newspaper reported.

Nevertheless, the volume and value of fuel imports in the January-July period plunged 30 percent and 35 percent, year-on-year, totalling 5.44 million tonnes and $3.35 billion, respectively. Meanwhile, the average import price declined slightly by 7 percent to some $615 per tonne.

Fuels were mainly imported from Malaysia, South Korea, Singapore and China. In the seven-month period, Malaysia was Vietnam’s largest fuel supplier at 1.54 million tonnes, valued at $916.17 million. Fuel imports from this market accounted for 28 percent of the country’s total fuel import volume and 27.4 percent of the total value.

The country also purchased 1.26 million tonnes of fuel worth $833.92 million from South Korea. This market reported the highest fuel price, at $664 per tonne.

In addition, 1.29 million tonnes of fuel products worth $746 million were imported from Singapore during the period.

China was the fourth largest provider of fuels to Vietnam, at 838,200 tonnes, worth $532.14 million.

Moreover, Vietnam spent $7.29 million buying more than 12,000 tonnes of fuels from Russia.

All markets saw declines in fuel exports to Vietnam, except for Hong Kong. Only 563 tonnes of the products, valued at $0.26 million, were bought from this market, but it posted a surge of 452 percent in volume and 563 percent in value in the seven-month period.



Category: Economy, Vietnam

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