According to the General Department of Customs, Vietnam’s rubber exports in May 2024 reached nearly 84.5 thousand tons, worth 134.6 million USD. This result was up 14.8% in volume and 14.5% in value compared to April 2024. In the first 5 months of 2024, rubber exports reached 572.2 thousand tons, worth 859.4 million USD, down 2.4% in volume but up 6% in value over the same period in 2023.
The average export price of rubber reached 1,594 USD/ton, up nearly 18%. In the first 5 months of 2024, the average export price of rubber reached 1,501 USD/ton, up 8.6% over the same period in 2023. China remains Vietnam’s largest rubber export market, with 50.5 thousand tons worth more than 76 million USD, down 42% in volume and 65% in value compared to May 2024.
China is Vietnam’s largest customer of rubber.
The average price of rubber exported to China was 1,438 USD/ton, down 46% over the same period. In the first 4 months of 2024, Vietnam exported more than 380,000 tons of rubber to China, worth 547.3 million USD, up 22.6% in volume and down 34% in value over the same period in 2023.
India was Vietnam’s second-largest export market in the first five months of the year, with 47,234 tons worth 75.8 million USD, up 42.7% in volume and 63% in turnover over the same period. The average export price reached 1604 USD/ton, which was an increase of 14.4% compared to 2023.
The Korean market ranked third. This country imported more than 20,000 tons of rubber, equivalent to nearly 33 million USD. The export price reached 1640 USD/ton, up 23% in volume, 35% in turnover, and 9.8% in price.
Although rubber exports to many major markets decreased in May 2024, exports to some markets, such as Belgium, Brazil, Indonesia, Russia, Italy, or Sri Lanka, have grown strongly in both quantity and value compared to May 2023.
The price of latex rubber in the domestic market of Vietnam has continued to increase sharply, marking the third consecutive month of increase.
The export price of SVR 10 ranged from 1,580 to 1,610 USD/ton, up about 200–500 USD/ton compared to the same period in 2023. The export price of SVR3L fluctuated between 1,790 and 1,810 USD/ton, an increase of about 300–400 USD/ton compared to the same period last year.
The global rubber market is expected to continue a strong supply shortage from 2024 to 2025. This shortage comes from a sharp drop in latex production by Thailand and Indonesia, which together account for 51% of global latex production. Meanwhile, demand from China is recovering as it increases support for the auto industry.
In addition, oil prices have risen as the US Energy Information Administration (EIA) raised its forecast for global oil demand growth for the year. Meanwhile, OPEC kept its forecast for relatively strong growth in 2024. Natural rubber is often subject to oil price adjustments when competing for market share with synthetic rubber produced from crude oil.