Vietnam’s Feb base oil imports ease

Vietnam’s base oil imports held firm in February, extending a pick-up in shipments that began in the fourth quarter of last year.

Base oil imports of 14,850t in February fell back from 18,040t the previous month, customs data showed. But imports rose for a fourth straight month from year-earlier levels, with February volumes climbing 15pc.

Imports of 73,000t in the four months to February rose by 16pc from 60,400t during the same period a year earlier. They were just 5pc lower than imports during the same four-month period to February 2020.

The recovery in imports followed a slump in shipments in the five months to October. The period coincided with strict lockdown measures in Vietnam to control the spread of the Covid-19 virus.

Other southeast Asian markets like Singapore and Indonesia also faced a slowdown in shipments during the third quarter of last year for similar reasons.

But the slowdown was much less severe than the contraction in Vietnam’s base oil imports during that period.

Vietnam’s firmer base oil imports have coincided with a strong pick-up in the country’s automobile sales and industrial production growth since last November.