Trade gap on petroleum exceeds $5 billion

Vietnam’s trade deficit on petroleum products has exceeded US$5 billion for the 1st time ever, according to the General Statistics Office (GSO).

Vietnam earned $1.128 from exporting 1.229 million tons of crude oil in the first 7 months of this year, up 68.8 percent in value and 21.3 percent in volume year on year.

But it had to spend $6.174 billion to import 6.813 million tons of refined petroleum products to meet domestic demand, up 58.5 percent in value and 8.6 percent in volume compared to same period last year.

In July alone, oil imports reached 800,000 tons worth $770 million, down 10.9 percent in volume and 5.8 percent in value month on month.

Oil exports this month was 140,000 tons worth $130 million, down significantly from 188,000 tons and $179 million in June.

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