Rubber exports soar over five-month period
VOV.VN - Vietnam exported 548,000 tonnes of rubber worth US$923 million during the opening five months of the year, up 58.7% in volume and 94% in value compared to the same period last year, according to the Ministry of Industry and Trade.
May alone saw the country ship approximately 80,000 tonnes of rubber worth US$139 million abroad, increasing 26.1% in volume and 7.2% in value from May 2020.
The average export price stood at US$1,738 per tonne, a drop of 2.2% compared to April but a rise of 44 .6% compared to May.
Most notably, China continued to increase rubber imports from Vietnam between January and April, with import turnover reaching US$705.6 million, an annual rise of 81.6%, making it Vietnam’s second largest rubber consumer.
The market share of Vietnamese rubber in relation to China’s total import value accounted for 16.6%, a sharp increase compared to 11.65% seen during last year’s corresponding period.
Amid a shortage of supply sources of rubber in world market coupled with the complicated developments of the COVID-19 pandemic, Vietnam’s rubber exports are projected to continue to pick up thanks to an increasing demand from both China and the United States.
This positive outlook can be attributed to the recovery of the Chinese automobile industry and the US’ commodity market in the post-pandemic period.
The US has officially approved an economic stimulus package worth US$1.9 trillion, while the demand for natural latex from factories in this market has also skyrocketed due to the high demand for medical equipment in the global market.
