Positive prospects for rubber exports to US in 2022
With high export growth recorded in the United States last year, Vietnamese rubber exports to the demanding market are set to continue to witness positive signs this year.
Statistics from the US International Trade Commission indicate that the US imported 1.79 million tonnes of rubber worth US$3.72 billion during the January – November period last year, representing an annual rise of 22.8% in volume and 46.4% in value.
Vietnam represented the 11th largest rubber supplier to the US market with 39,090 tonnes exported worth US$68.83 million, up 82.7% in volume and 122.5% in value.
Its rubber market share as part of total US rubber imports accounted for 2.2% in the reviewed period, marking a slight rise compared to 1.5% seen in the previous year.
The Southeast Asian nation makes up the fourth largest provider of natural rubber to the US market with 39,020 tonnes, worth US$68.49 million, increasing by 82.5% in volume and 122.7% in value.
Therefore, the share of Vietnamese natural rubber and synthetic rubber as part of total US imports rose by 4.2% and 0.01%, respectively.
As the US economy has gradually recovered following the COVID-19 pandemic, its rubber demand is anticipated to edge up until 2023, which also presents a wealth of opportunities for local firms to accelerate rubber exports to this market.
