Rubber exports to US fell sharply in January
VOV.VN - Vietnam exported 1,830 tonnes of rubber to the United States in January worth US$2.24 million, down 45.8% in volume and 50% in value compared to the previous month, according to the General Department of Vietnam Customs.
The average price of exported Vietnamese rubber to the US stood at US$1,227 per tonne, representing a fall of 7.9% against December 2022, and a decline of 26.9% over January 2022.
Last year, Vietnam mainly shipped natural rubber to the US, of which SVR 3L accounted for 33.18% of the total, followed by Latex and SVR CV60.
The United States International Trade Commission reported last year the US imported 2.03 million tonnes of rubber coded HS 4001, 4002, 4003, and 4005 worth US$4.7 billion, up 4.9% in volume and 16.4% in value compared to 2021.
Vietnam makes up the fifth largest supplier of natural rubber to the US with 34,080 tonnes worth US$58.77 million, down 21% in volume and 22.1% in value.
The market share of Vietnamese natural rubber in the US fell 4.23% last year to 3.18%, while Vietnamese synthetic rubber made up only a small proportion of total US imports.
The US International Trade Commission largely attributed this Vietnamese decline to fierce competition from other markets, such as Indonesia and Thailand. Indeed, Thailand's rubber market share saw an increase compared to 2021.
Industry insiders also analysed that rubber exports to the US face numerous obstacles due to fluctuations in the US dollar. In addition, the problem of tax refund for businesses remains slow after exporting, which has impacted further investment.
However, experts said there is a positive outlook ahead for rubber exports as Vietnamese rubber is increasingly penetrating the US market.
Moreover, fuel prices and overall demand for energy in the US are anticipated to decline, which will reduce pressure on prices, especially transportation costs.