Vietnamese rubber exports to China rise in value
VOV.VN - Vietnam raked in US$2.07 billion from the export of 1.25 million tonnes of rubber during the opening 11 months of the year, down 15.5% in volume but up 5.5% in value compared to the same period last year, according to the Import-Export Department under the Ministry of Industry and Trade.
Rubber exports to China accounted for 70.83% in volume and 69.95% in value of the country's total rubber exports.
The average rubber export price to the northern neighbour reached US$1,653 per tonne, marking a rise of 24.8% year on year.
Of the total, natural rubber and synthetic rubber were exported most to China, making up 81.43% in volume and 84.24% in value of the country’s total rubber exports to this market.
The Import-Export Department stated that Vietnamese rubber exports have decreased significantly in recent times due to slowing demand in the Chinese market.
However, the export value remained higher than the same period from last year due to sharp increases in global rubber prices coupled with a high demand from other markets amid a global supply shortage.
Vietnam mainly exported a mixture of natural rubber and synthetic rubber to China, while the export proportion of processed rubber remains very low.
Due to these factors, rubber enterprises need to have a strategy in order to increase the proportion of processed rubber and boost the export value. At the same time, they should focus on expanding the market in a bid to reduce reliance on the Chinese market.
In particular, it can be considered necessary to pay attention to expanding the market share in the EU market.
