China increases rubber imports from Vietnamese market
VOV.VN - Vietnam represented the second largest rubber supplier to China, with exports of this product reaching US$2.28 billion, up 27.8% compared to 2020, according to industry insiders.
The nation's share of the rubber market as part of the total import turnover of China in 2021 accounted for 18.2%, representing an annual rise of 16.3%.
The Import-Export Department under the Ministry of Industry and Trade quoted statistics from the General Administration of Customs of China saying that last year saw China's rubber import turnover reach US$12.56 billion, up 14.8% compared to 2020.
Thailand, Vietnam, Malaysia, the Republic of Korea, and Japan represent the five largest rubber markets for the northern neighbour.
In 2021, the nation was the fifth largest natural rubber supplier to China with a turnover of US$257.58 million, marking a year-on-year rise of 1.2%.
The country’s natural rubber market share made up 6.7% of China's total imports, a drop of 8.3% in 2020, while China also boosted the import of natural rubber from major markets such as Thailand, Malaysia, and the Ivory Coast.
Vietnam was also the second largest supplier of natural and synthetic rubber to China, reaching US$1.77 billion with an increase of 16.9% on-year.
The market share of mixed natural and synthetic rubber in the nation also accounted for 39.5% of the total import turnover of China's natural and synthetic rubber mixtures, a sharp rise of 31.8 % from 2020.
China also bolstered the import of a mixture of natural and synthetic rubber from markets such as Myanmar and Laos in 2021, while simultaneously reducing imports from Thailand, Malaysia, Indonesia, and Cambodia in comparison to 2020.