Rubber exports rake in US$841 million in H1

Illustrative photo. (Source: VOV)

Statistics released by the General Department of Vietnam Customs show that rubber exports amounted to 614,300 tons during the first six months of the year, totally valued US$841.83 million, an annual hikes of 8.9 per cent and 2.6 per cent, respectively.

In June alone, the country racked up US$174.45 million from exporting 122,750 tons of rubber, up 56.1 per cent in value and 58.4 per cent in volume against with the previous month.

China topped the list of importers of Vietnamese rubber while making up 64.3 per cent of the country’s total rubber exports for the first half of 2019 with the purchase of 387,100 tons, worth US$523.9 million, up 6.56 per cent and 0.77 per cent, respectively.

Following the Asian giant was the EU with a proportion of 7.4 per cent of the country’s total rubber exports, and Southeast Asian countries with 4.8 per cent.

Rubber shipments to India, the Republic of Korea, and Malaysia rebounded in the reviewed period.

 The list of rubber importers was filled with new comers, including Sri Lanka, Bangladesh, and Peru, which bought in 3,900 tons, 3,400 tons, and 793 tons, respectively from Vietnam during the six-month period.

This diversification could be seen as the initial effects of the implementation of a strategy to expand export markets and lessen the reliance on major traders and relevant risks.