Rubber exports gross US$2.89 billion last year
VOV.VN - Vietnam raked in US$2.89 billion from exporting 2.14 million tonnes of rubber last year, suffering a fall of 0.04% in volume and 12.7% in value compared to the figure from 2022, according to details given by the Ministry of Industry and Trade.
This figure means that the industry has slipped out of the agro-forestry-fishery export group of over US$3 billion.
In line with this, the average export price of rubber dropped by 12.7% to US$1,350 per tonne compared to 2022.
Last year saw Vietnamese rubber exports encounter numerous difficulties due to a sharp decline in rubber export prices, leading to the rubber export value to become lower compared to the same period from last year.
Furthermore, the recovery of production activities in China has been weaker than projection, causing both rubber consumption and selling prices to endure a downward trajectory.
In addition, rubber exports to several markets, especially major markets such as India, the United States, Germany, Taiwan (China), Turkey, Sri Lanka, Russia, Indonesia, and Spain, all saw a decline.
In contrast, exports to several markets such as China, the Republic of Korea, the Netherlands, Singapore, and the Czech Republic continued to grow well in volume.
Among these, the Chinese market remained as the largest consumer of Vietnamese rubber, duly accounting for 79.22% in volume and 78.08% in value of the country's total rubber exports during the 11-month period.
India ranked second, making up 5.34% in volume and 5.49% in value of the country's total rubber exports throughout the reviewed period.
Rubber prices in the Asian market fluctuated strongly last year as the prices stood at a low level in the first two quarters before rebounding the third and fourth quarters.
According to industry insiders, rising Chinese demand will be the key factor affecting the developments in rubber price in the country.
Moreover, fluctuations in oil prices due to concerns about trade disruption in the Suez Canal will also indirectly exert an impact on rubber prices. Moving into 2024, the northern neighbour is anticipated to boost automobile consumption and promote manufacturing activities, thereby leading to a rising demand for imported rubber to produce tires and other products.
China’s growing demand for rubber will represent a driving force in raising global rubber prices. With nearly 80% of Vietnam’s rubber volume being exported to this market, there is ample room for rubber exports in the time ahead, according to experts.
