Rubber exports hit US 320 million in August

According to the statistics of Import and Export Department under the Ministry of Industry and Trade, the figures also represented year-on-year increases of 11% in volume and 3% in value.

The rubber export price averaged US$1,523 per tonne in August, down 6.2% against July and 7.2% as compared to the same period last year.

The first eight months of this year saw Vietnam ship abroad 1.19 million tonnes of rubber valued at US$2 billion, up 7.8% and 8.1% year-on-year, respectively.

Vietnam is one of the five largest rubber suppliers to China along with Thailand, Malaysia, Japan and the Republic of Korea. Statistics show it was China’s second largest rubber supplier in the first seven months of the year, with a total value of US$1.18 billion up 10.6% year on year.

Vietnam’s rubber market share in China’s total import value also rose 0.1% to 15.4% in the reviewed period.

China remains a major buyer of Vietnamese natural and synthetic rubber in the remaining months of the year. However, experts say supply chain disruptions caused by China’s “Zero-Covid” policy will certainly continue to affect its rubber consumption in the coming months.