According to preliminary statistics from the General Department of Customs, Vietnam’s rubber exports in June reached 153,487 tons, with a value of more than 246 million USD. This was a sharp increase of 81.7% in volume and 83.4% in value compared to the previous month.
In the first half of the year, Vietnam exported 726,652 tons of rubber with a value of more than 1.1 billion USD, down 5.2% in volume but up 5.5% in value over the same period last year.
In terms of market, China is the largest customer of Vietnamese rubber, with 489,370 tons worth more than 717 million USD, down 15% in volume and 8% in value compared to the previous year. Notably, export prices recorded an upward trend, with an increase of 10% to 1,466 USD per ton.
India ranked second with 58,152 tons and a turnover of more than 94 million USD. This was a sharp increase of 28% in volume and 49% in value compared to the previous year. The average price was 1,623 USD/ton, an increase of 16% compared to the same period in 2023.
The average export price of rubber reached 1,525 USD/ton, up 11.2% compared to the first half of 2023.
Korea was in the third position with 23,775 tons and a turnover of more than 39 million USD. It was an increase of 11% in volume and 25% in value compared to the previous year. The average export price also recorded an increase of 13% over the same period last year, reaching more than 1,668 USD/ton.
The global natural rubber market has continued to record price increases since the beginning of the year due to a combination of factors affecting both supply and demand. They are the increasing demand from China’s electric vehicle industry and the low production in Thailand, the world’s top natural rubber producer.
In the domestic market, the export price of Vietnam’s rubber has continuously increased in the first months of the year. On average, each ton of rubber from Vietnam earned about 1,550 USD, 140 USD higher per ton compared to the same period last year.
According to the General Statistics Office, the rubber area in Vietnam currently is more than 938 thousand hectares, with a rubber latex harvest of 1.26 million tons (in 2021), accounting for 8.7% of global rubber production. The average yield of Vietnamese rubber reaches 1,682 kg/ha, ranking first in Asia.
Vietnam is the third-largest supplier of natural rubber, accounting for about 11.7% of the world’s total rubber, after Thailand at 33.2% and Indonesia at 27.2%.
The Association of Natural Rubber Producing Countries (ANRPC) forecasts that, in 2024, global natural rubber production will reach 14.54 million tons, up 1.6% compared to 2023. In particular, Thailand’s production is expected to decrease by 0.5% and Indonesia’s by 5.1%. Meanwhile, China’s output is expected to increase by 6.9%; India by 6%; Vietnam by 2.9%; Malaysia by 2.9%; and other countries by 7.3% compared to 2023.