According to statistics from the General Department of Customs, Vietnam's crude oil exports in February 2024 reached 315,531 tons with a value of more than 218.5 million USD, up 75.1% in volume and 77.7% in value compared to January 2024. This is a rare commodity with positive growth compared to the previous month and has the strongest growth rate among all commodities.

In the first two months of 2024, Vietnam earned 336.2 million USD from crude oil exports with more than 492.1 tons, up 7.4% in volume and 7.2% in value over the same period. The average export price reached 683.2 USD/ton, down 3.1% over the same period in 2023.

Crude oil exports in February 2024 reached 315,531 tons with a value of more than 218.5 million USD, up 75.1% in volume and 77.7% in value.

In terms of markets, in early 2024, there were only 3 export markets. Of which, Thailand was the largest market. Vietnam exported 194,909 tons of crude oil to Thailand in the first 2 months of the year, equivalent to more than 133.7 million USD, accounting for 39.6% of the total export volume. The export price reached 686 USD/ton, down 2.8% over the same period in 2023.

Ranked 2nd and 3rd are Singapore and Australia, accounting for 23.7% and 22.7% of total exports respectively.

Vietnam exported 116,797 tons of crude oil to Singapore in February 2024, earning more than 81.3 million USD, a sharp increase of 216% in volume and 204% in value compared to the same period in 2023. The export price reached 696.5 USD/ton, down 3.7% compared to the same period in 2023. This is also the first month this market imported crude oil from Vietnam in the year.

Crude oil is one of Singapore's main imports. The country often buys crude oil from other markets to refine and resell to the market. In 2023, Vietnam exported more than 30 products of all kinds to Singapore, reaching more than 4.3 billion USD, a slight increase compared to 2022.

Regarding Vietnam, our country has oil resources with reserves of about 7.2 billion barrels, ranked 22nd among countries with proven oil reserves in the world. Since 1986, the first crude oil was exploited at Bach Ho field. In April 1987, Vietnam began exporting crude oil. Currently, Vietnam is the leading country in Southeast Asia in terms of oil exports.

On the other hand, Vietnam still has to import a lot of crude oil to meet the input for two domestic oil refineries, Dung Quat and Nghi Son.

In the first two months of the year, our country imported 2.3 million tons of crude oil, equivalent to 1.36 billion USD, much higher than the export level.