In 2024, Vietnam has witnessed strong growth in many export products. In particular, rubber has made a great contribution to export turnover in the past time.
According to statistics from the General Department of Customs, in August 2024, Vietnam’s rubber exports reached 209.72 thousand tons, worth 344.96 million USD. Compared to August 2023, the result decreased by 5.7% in volume but increased by 20.2% in value. This is the fifth consecutive month that rubber exports decreased compared to the same period in 2023.
In the first 8 months of 2024, rubber exports reached 1.12 million tons, worth over 1.76 billion USD, down 7.2% in volume but up 8.4% in value over the same period in 2023. The average export price in 8 months was 1,569 USD/ton, up 16.8% over the same period in 2023.
China remains Vietnam’s largest rubber export market, accounting for nearly 78% of the country’s total rubber exports, down 20% in volume and 8% in value over the same period in 2023.
Rubber has made a great contribution to export turnover in the past time.
Vietnam’s rubber exports to the Chinese market tended to decrease, but other markets increased sharply. In particular, Malaysia grew in both volume and turnover.
Specifically, in August, rubber exports to Malaysia increased by 578% in volume and 550% in turnover. Since the beginning of the year, Vietnam has exported 11.6 thousand tons of rubber to this country, worth 16 million USD, up 178% in volume and 194% in turnover. The average export price reached 1,374 USD/ton, up nearly 6% over the same period last year.
The development of Vietnam’s rubber industry is mainly dependent on the export of raw materials. In contrast, Malaysia focuses on manufacturing and exporting rubber products instead of raw and semi-finished rubber.
Currently, Malaysia has more than 190 enterprises producing rubber products for the health sector. Malaysia is also one of the leading countries in the production of rubber products applied in the construction of transport works. In addition, Malaysia has more than 100 enterprises specializing in the production of rubber components widely used in the automotive industry. As a result, Vietnam has become a leading supplier of rubber to Malaysia.
The highlight of rubber exports this year is the high price compared to last year, thereby opening up growth prospects in export turnover for Vietnam’s rubber industry.
According to the Vietnam Rubber Association (VRA), although Vietnam’s rubber export output decreased significantly, the export turnover increased thanks to the high export price in the past time.
The global rubber market is forecasting a shortage of up to 1.24 million tons of natural rubber this year, higher than the 1.12 million tons forecast by the Association in May 2024. Concerns about the supply shortage in the market, especially the situation of shrinking production in the main export countries, including Vietnam, have caused the world and domestic rubber prices to increase since the beginning of the year.
In the coming time, rubber prices are expected to remain high due to the recovery in demand for tire production. Meanwhile, production in Thailand and Indonesia is forecast to decrease due to the weather transfer between El Nino and La Nina.