Jan-Feb petroleum exports plummet

Vietnam exported 441,317 metric tons of petrol worth $269.91 million in the first two months this year at an average price of $611.6 per ton, a slight increase of 0.5 percent over the same period last year, according to Vietnam Customs.

Petroleum exports in February reached 179,648 metric tons, worth $102.34 million, down 13.9 percent in volume and 18.9 percent in value compared to February last year. The export price was $569.7 per metric ton, down 11.5 percent over January 2020 and 5.8 percent over February 2019.

China was Vietnam’s biggest market, accounting for 26.9 percent of export turnover, followed by Cambodia with 23 percent, South Korea 7.2 percent, and Malaysia at 3.75 percent.

Petroleum exports to Laos in the first two months fell the hardest year-on-year, reaching 12,864 tons worth $7.9 million, down 41.65 percent in volume and 38.58 percent in value.

In the opposite direction, exports to Malaysia surged 19.8 percent in volume and 33.5 percent in turnover to 22,496 tons worth $10.12 million.

Global oil prices had also tanked as the Covid-19 pandemic expanded outside China. Global benchmark Brent crude, which was trading at $54.45 a barrel at the beginning of February, fell to $49.67 a barrel by February-end, and as of March 17, traded at $32.14 a barrel.