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According to initial statistics from the General Department of Customs, Vietnam’s rubber exports in March 2024 reached 116,099 tons with a value of over 180 million USD, a sharp increase of 32.3% in volume and 38.8% in value compared to February 2024. After the first three months, our country exported 414,317 tons of rubber with a value of over 607 million USD, an increase of 8.5% in volume and 14.3% in value compared to the same period in 2023.
In terms of the market, China continues to be the largest market for Vietnamese rubber. Up to now, this country has always been the largest customer of the Vietnamese rubber industry with a high proportion, regardless of price increases or decreases. With the advantage of low price and abundant rubber supply, Chinese partners always prefer to buy raw rubber from Vietnam.
At the end of March, China imported 287,852 tons of rubber from Vietnam with a value of over 407 million USD, a slight decrease of 1% in volume and an increase of 3% compared to the same period last year. The average import price reached 1,416 USD/ton, an increase of 5% compared to the same period last year.
India is the second largest rubber export market of Vietnam with 28,948 tons, equivalent to over 45 million USD, a sharp increase of 67% in volume and 82% in value compared to the first quarter of 2023. The export price reached an average of 1,427 USD/ton, an increase of 9%.
South Korea is the third largest export market with 12,055 tons, with a value of over 19.2 million USD, an increase of 37% in volume and 42% in value. The export price increased slightly by 4% to 1,547 USD/ton.
Vietnam is the third largest supplier of natural rubber, accounting for about 11.7% of the world’s total rubber, after Thailand (33.2%) and Indonesia (27.2%). The average yield of rubber in Vietnam reached 1,682 kg/ha, ranking first in Asia. The main types of rubber exported from Vietnam are raw rubber, including natural rubber and synthetic rubber (HS 400280), Latex, SVR 10, SVR 3L, SVR CV60, RSS3, SVR 20…
In 2023, Vietnam’s rubber exports are estimated to reach about 2.14 million tons, with a value of 2.89 billion USD, a decrease of 0.04% in volume and 12.7% in value compared to 2022. The average export price reached 1,350 USD/ton, a decrease of 12.7% compared to 2022.
The electric vehicle industry is growing rapidly as electric vehicle manufacturers step up exports, especially China. The Chinese government has said it has ambitions to boost the electric vehicle, hybrid vehicle and auto manufacturing sectors in the global market. Currently, the demand for rubber for tire production in this country is also increasing.
Recently, India has also decided to reduce import duties on certain types of electric vehicles manufactured by automakers that commit to investing at least $500 million and start domestic production within 3 years. This would be a new milestone to boost the automotive industry in this country in particular and the world in general, with the accompanying demand for rubber for tire production also increasing sharply.
