In October alone, the country exported 184,000 tons of rubber latex worth US$238 million. China, India, Malaysia were the largest rubber importers in the reviewed period, accounting for 66%, 7% and 5% of market share in Vietnam’s total rubber export value, respectively.
The nation's rubber exports to key markets saw a decline compared to last year’s corresponding period, exclusive of India and Indonesia, which recorded respective increases of 53% and 5%.
Despite positive signs in the global rubber market, Vietnam’s average rubber export prices remain low due to the impact of the US-China trade war, according to the Agro Processing and Market Development Authority (Agrotrade) under MARD.
Agrotrade said China is the key tire manufacturer and exporter to the US market while accounting for 66% of Vietnam’s rubber export turnover. After the US imposed high tariffs on Chinese products, China’s rubber processing industry has been greatly affected, resulting in the reducing import of rubber raw material.
To confront the situation, Vietnamese rubber producers should diversify products and boost market expansion, especially market reporting high growth such as India, Agrotrade analyzed.