Rubber exports are flourishing, promising potential

Rubber exports in the first quarter has increased in both quantity and value. Photo: ST

Notably, in March 2024, Vietnam's rubber exports reached nearly 116.1 thousand tons, worth US$180.36 million, an increase of 32.3% in volume and a rising 38.8% in value compared to February 2024; compared to March 2023, it increased by 0.2% in volume and 10% in value.

Regarding export prices, in March 2024, the average export rubber price reached US$1,554/ton, climbing 4.9% compared to February 2024 and rising 9.9% compared to March 2023. In the first 3 months of 2024, the average export rubber price reached US$1,466/ton, growing 5.3% over the same period in 2023.

According to the Import-Export Department (Ministry of Industry and Trade), in March 2024, China was still Vietnam's largest rubber export market, accounting for 52.83% of the country's total rubber exports, with nearly 61.34 thousand tons, worth US$90.72 million, an increase of 4.5% in volume and 7.9% in value compared to February 2024; however, compared to March 2023, it decreased by 29.3% in volume and 24.3% in value; the average export rubber price to China is US$1,479/ton, rising 3.2% compared to February 2024 and up 7.1% compared to March 2023.

Accumulated in the first 3 months of 2024, Vietnam exported 287.85 thousand tons of rubber to China, worth US$407.82 million, a decrease of 1.6% in volume, but increasing 2.7% in value compared to same period in 2023.

According to information from the Import-Export Department, in March 2024, rubber exports to several markets such as India, Germany, Turkey, Russia, Sri Lanka, Belgium, the United States... grew strongly in both quantity and value compared to March 2023. In particular, recently, India decided to reduce import duty on certain types of electric vehicles produced by automakers committed to investing at least US$500 million and starting domestic production within 3 years. This promises to be a new step for this country's auto industry. Along with that is a more positive demand for rubber for tire production.