Rubber export revenue picks up 39 percent
Vietnam earned more than US$2 billion from exporting 1.2 million tonnes of rubber during January-November, up 39% in value and 8.4% in volume, according to the General Department of Vietnam Customs.
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This was the first time in four recent years rubber export value exceeded US$2 billion. The value exceeded US$2 billion in 2010 then hit a record high of US$3.2 billion in 2011. However, export revenue fell sharply during 2014-2016, falling to below US$2 billion.
Sharp rises in rubber export prices have improved the product’s export value. In the first ten months of this year, the average price of rubber increased 32.6% to US$1,680 per tonne.
However, the Ministry of Industry and Trade said global natural rubber prices started to dip from mid-November while rubber supply increased. According to the Association of Natural Rubber Producing Countries, global rubber output as of October went up 5% to 10.43 million tonnes.
China remained largest importer of Vietnamese rubber. In the first 11 months of the year, the country purchased more than 785,800 tonnes of Vietnamese rubber worth nearly US$1.29 billion, about 64% in quantity and value of the country’s rubber exports.
