| 11 months, coal exports earned 211.3 million USD Vietnam's coal exports increased sharply |
According to the General Department of Customs, Vietnam's coal exports in June reached 98,682 tons, equivalent to 67.8 million USD, a sharp increase of 9,063% in volume and 11,000% in value compared to the previous month. Compared to June 2023, coal exports this month decreased by 37% in volume and 50% in value.
In the first 6 months of the year, coal exports reached 211,573 tons, equivalent to more than 59 million USD, up 2.1% in volume but down 24.1% in value compared to the same period in 2023. The average export price reached 279 USD/ton, down 25.6% over the same period last year.
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| Source: General Department of Customs |
In terms of markets, Japan remained the largest export market for Vietnamese coal in the first two quarters of the year, reaching 56,093 tons, equivalent to 15.7 million USD, down 41% in volume and 53% in value compared to the same period last year. The average export price reached 280 USD/ton, down 21% compared to the same period in 2023.
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| In the first two quarters of the year, coal exports brought Vietnam 59 million USD. |
The second largest market is the Philippines, reaching 49,660 tons, equivalent to more than 11 million USD, a sharp increase of 32,571% in volume and 17,862% in value compared to the same period in 2023. The average export price reached 223 USD/ton, down 45% over the same period. In June alone, Vietnam exported 27 thousand tons of coal to this market, equivalent to more than 6 million USD. Meanwhile, this island nation did not import coal in June 2023.
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| Source: General Department of Customs |
The Netherlands was the third largest export market in the first half of the year, with 22,843 tons, worth 7.3 million USD. The export price reached 320 USD/ton, much higher than the average price of the whole market.
The increase in imports by Southeast Asian countries is due to the increasing demand for coal for production activities, especially thermal power, while hydropower is facing difficulties. The reason is the impact of the El Nino phenomenon, causing record hot weather.
As a country heavily dependent on coal for electricity generation, the Philippines imports the commodity mainly from Indonesia, with the rest coming from Australia and Vietnam. According to government data, nearly 70% of the 42.5 million tons of coal consumed in the Philippines in 2020 was imported.
The Philippines Department of Energy said that in 2021, the country imported an average of 2.3 million tons per month from Indonesia to supply its power plants.
However, in early 2022, Indonesia banned coal exports, forcing the Philippines to look for other suppliers, including Vietnam.
According to the latest report, Vietnam is one of the five economies with the highest coal consumption in Southeast Asia. The General Statistics Office said that Vietnam has about 50 billion tons of coal reserves. Quang Ninh is the most important coal mine in Vietnam. The coal mines here have been put into operation since 1839.
The Ministry of Industry and Trade said that the ability to mobilize coal is expected to increase from now to 2030 to 43-47 million tons of commercial coal per year, then gradually decrease in the period 2035-2045.
According to forecasts, coal demand will increase from 94-127 million tons/year to 2035, mainly due to increased demand for electricity production and economic sectors such as cement, metallurgy, and chemicals, then gradually decrease to 73-76 million tons by 2045.
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