In the first quarter of 2023, rubber exports decreased by 2.6% in quantity and 22.9% in value over the same period. The fact that rubber export prices decreased in the first months of the year is unusual.
According to the Import-Export Department (Ministry of Industry and Trade), Vietnam’s rubber exports in March 2023 reached about 130,000 tons, worth 184 million USD. This result decreased by 0.8% in quantity and 0.6% in value compared to Feb 2023. Compared to March 2022, it increased by 15.7% in quantity but decreased by 9.2% in value.
In the first quarter of 2023, rubber exports decreased by 22.9% in value.
The average export price of rubber is 1,414 USD/ton, up 0.2% compared to Feb 2023, but down 21.5% compared to March 2022.
Accumulated in the first 3 months of 2023, rubber exports are estimated at 396,000 tons, worth 552 million USD. The figure is down 2.6% in quantity and 22.9% in value compared to the same period in 2022.
Vietnam’s rubber for exports is mainly a mixture of natural rubber and synthetic rubber (HS 400280), Latex, SVR 10, SVR 3L, SVR CV60, and RSS3. In particular, the mixture of natural rubber and synthetic rubber (HS 400280) is the most exported item.
In terms of export markets, China currently accounts for 99.71% of Vietnam’s total natural rubber and synthetic rubber mixes.
In the first quarter of 2023, most types of rubber for exports decreased in both quantity and value compared to the same period in 2022. However, exports of some types still grew well in both quantity and value compared to the same period in 2022, notably synthetic rubber, RSS1, and SVR CV40. However, these types only account for a small proportion of Vietnam’s total rubber exports.
In the domestic market, in March 2023, the price of raw rubber latex continued to maintain around 230 – 288 VND/TSC. In particular, in Binh Phuoc, the purchase price of raw rubber latex by Phu Rieng Rubber Company was VND 270 – 280/TSC. In Binh Duong, the purchase price of rubber latex materials of Phuoc Hoa Rubber Company fluctuated at 286 – 288 VND/TSC. Rubber latex in Gia Lai was purchased by Mang Yang Rubber Company for 230 – 240 VND/TSC. The prices are quite stable compared to Feb 2023.
On the world market, in March 2023, rubber prices at Asian exchanges tended to decrease compared to the previous month. At the Osaka Stock Exchange (OSE) in Japan, prices of rubber RSS3 fell to 195.8 yen per kg at the lowest level of the month on March 20, 2023, then rubber prices tended to rise again, but were still lower than at the end of last month.
At the Shanghai Futures Exchange (SHFE), after falling to 11,575 yuan per ton, the lowest level of the month on March 20, 2023, rubber prices rose slightly again, but still lower than the end of the previous month.
In Thailand, prices of rubber RSS3 fluctuated sharply, falling to 52 Baht/kg on March 20, 2023, then prices tended to rise again, but were still lower than at the end of last month.
Usually, the first months of the year are in the dry season, growers stop shaving rubber latex so the supply decreases and the rubber price often increases in the first quarter of the year. However, the decline in rubber export prices in the first months of this year is unusual compared to previous years./.