Rubber exports to hit US$1.6 billion
(VOV) - Vietnam expects to earn around US$1.6 billion by exporting 1.1 million tonnes of natural rubber this year, up 3.2% in volume but down 10% in value compared to last year, according to the Ministry of Industry and Trade (MoIT).
The MoIT reported that 760,000 tonnes of rubber valuing at US$1.09 billion were shipped abroad in the first nine months of this year, a year-on-year rise of 9.5% in volume but a fall of 11.3% in value.
Tran Thi Thuy Hoa, Chief of the Office of the Vietnam Rubber Association said large rubber stockpiles currently constitute a pressure for the sector to lower prices.
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Despites having 70 export markets, rubber exports still depend on China which had accounted for 70% of the export revenue. However, Vietnamese businesses have taken great efforts to diversify export markets and reduced the rate to below 50%. Emerging markets like Malaysia and India have recorded a high growth while the US remained stable.
Hoa said the cutting down of export duties from 3% to zero has also helped lessen the burdens of rubber exporters.