Rubber exports gross US$2.32 billion over nine months
Vietnam exported approximately 1.41 million tonnes of rubber worth US$2.32 billion during the past nine months of the year, representing a rise of 9.7% in volume and 7.8% in value compared the same period from last year.
According to figures released by the General Department of Vietnam Customs, September alone saw the country ship some 210,000 tonnes of rubber worth US$305 million abroad, representing an annual rise of 16% in volume and 2% in value.
The average export price in September reached US$1,455 per tonne, marking a drop of 4% from the previous month and 12.1% lower than September last year.
In the initial eight months of the year, major Vietnamese rubber exports mainly consist of a mixture of natural rubber and synthetic rubber, Latex, SVR 3L, SVR 10, RSS3, and SVR CV60.
Of these, the mixture of natural rubber and synthetic rubber is the most exported item, accounting for 56.4% of the nation’s total export volume of rubber with turnover hitting US$14 billion, representing a decline of 1.3% in volume, but up 1.1% in value against last year’s corresponding period.
Most notably, rubber exports to the Chinese market made up 99.7% of the country's total export of natural and synthetic rubber, with turnover reaching US$1.13 billion, a drop of 1.1% in volume, but up 1.3% in value on-year.
The global rubber market in September is anticipated to be impacted by China’s slowing demand for rubber products coupled with falling crude oil prices and ongoing concerns about a global economic recession.
According to industry experts, rubber prices are unlikely to increase sharply in the near future as the global supply source of natural rubber is expected to rise as a result of acceleration in mining activities.
Furthermore, the demand from tire companies may not be strong due to the possibilities of a global economic recession in the future.
