Ample room ahead for Vietnamese rubber exports to US

The Import-Export Department under the Ministry of Industry and Trade (MoIT) reported that in April, the US was the nation’s 10th largest rubber export market.

Citing statistics from the General Department of Customs, the MoIT said that April alone witnessed the nation export nearly 1.09 thousand tonnes of rubber valued at US$1.87 million to the US, marking an increase of 0.3% in volume and 17.5% in value compared to April of last year.

Vietnamese rubber exports to the highly lucrative market during the past four months reached nearly 7.46 thousand tonnes, worth US$11.7 million.

According to an assessment given by the Import-Export Department, recent years has seen Vietnamese rubber exports to the US increase again, with its rubber market share in the US gradually improving, despite accounting for a low market share as part of total US imports.

“Vietnam's rubber still has a lot of room to export to the US market. It is predicted that the nation’s rubber exports to the US will be better in 2024," said the Import-Export Department.

The Import-Export Department outlined that rubber exports to the potential market in the reviewed period were mainly natural rubber. Among them, latex was the most exported type, accounting for 31% of total rubber exports with 2.31 thousand tonnes.

In addition, during the reviewed period the export volume and value of some types of rubber to the US also increased sharply compared to last year's corresponding period.

According to statistics released by the United States International Trade Commission, over the first three months of the year, the US imported 443.12 thousand tonnes of rubber worth US$893.49 million, up 0.2% in volume, but still down 3% in value compared to the same period from last year.

Of which, Indonesia, Thailand, Canada, the Republic of Korea (RoK), and the Ivory Coast were the five largest markets supplying rubber to the US during the three-month period.