Illustrative image
Rubber is an important billion-dollar commodity for Vietnam, earning billions of USD annually. According to the Ministry of Agriculture and Rural Development, in 2023, the rubber area nationwide reached 910.2 thousand hectares, and the volume of dry latex production reached 1.29 million tons.
According to preliminary statistics from the General Department of Customs, in 2023, Vietnam exported 2.14 million tons of rubber, with a turnover of 2.89 billion USD, down 0.1% in volume and 12.8% in value compared to 2022. As of January 2024, the rubber industry has earned over 296 million USD with 210,327 tons, up 55.8% in volume and 62.3% in value compared to the same period in 2022.
Vietnam spends billions of USD each year to import rubber, with Cambodia being the largest supplier. In January 2024, Vietnam imported 99,897 tons of rubber from Cambodia with a value of over 101 million USD, up 4% in volume and 18% in value compared to the same period in 2023. Throughout 2023, Vietnam spent over 888 million USD importing this item from Cambodia.
Import price reached an average of 1021 USD/ton, up 14% compared to January 2023.
According to the Ministry of Agriculture and Rural Development, Vietnam currently ranks 3rd in the world in terms of export value, and Vietnamese rubber is present in more than 80 countries and territories worldwide. Notably, countries such as China, the US, Europe, South Korea, and India are increasingly importing this item from Vietnam.
China has always been Vietnam’s largest customer for many years, regardless of whether rubber prices fluctuate. At the end of 2023, Vietnam exported 1.7 million tons of rubber to China, earning over 2.2 billion USD, up 6.6% in volume but down 4.7% in value compared to the same period in 2022, accounting for a 78% market share. 2023 has also recorded the highest proportion of China in the past 5 years. With its low cost and abundant rubber supply, Chinese partners always prefer to buy semi-processed rubber from Vietnam.
For Cambodia’s rubber industry, the country earned 121 million USD from exporting rubber in the first month of 2024, up 123.5% compared to the same period last year, according to the latest trade data from the General Department of Customs and Excise (GDCE) under the Cambodian Ministry of Economy and Finance.
The data shows that the upward trend in Cambodia’s rubber exports began in the second half of 2022 and continued throughout last year and into January of this year.
In 2023, Cambodia’s rubber export value reached 919 million USD, an increase of 69.6% compared to the previous year. The main importing markets include China, Vietnam, Malaysia, Singapore, India, and the European Union (EU).
It is forecasted that 2024 will continue to be a year with many difficulties and challenges in the international market, and China’s demand will still be a key factor affecting Vietnam’s rubber export activities. In addition, unfavorable changes in weather, the market, etc. will make rubber prices fluctuate unpredictably.
