Rubber exports grows sharply in June

Illustration image.

Cumulative rubber exports in the first six months of 2024 reach 722,000 tons, valued at US$1.09 billion. This represents a 5.8% decrease in volume but a 4.5% increase in value compared to the same period in 2023. Vietnam's rubber exports have maintained stability due to high rubber prices and consistent consumption levels.

According to the Vietnam Rubber Association (VRA), Vietnam's annual rubber latex production stands at 1.3 million tons from 910,000 hectares of rubber plantations. However, only 70-75% of these are mature rubber trees ready for tapping.

Over 300,000 tons of rubber are utilized domestically for processing each year. The remaining substantial volume of rubber raw materials is exported. This presents a significant opportunity for further expanding rubber exports, especially considering the potential for continued global supply shortages in 2024-2025.

According to Import – Export Tax Department, global demand for natural rubber is projected to maintain a growth rate of 4-6% annually. This is driven primarily by the recovery of the automotive and tire industries, particularly in China. Other markets such as Thailand and India are also witnessing positive growth in tire production and exports. China's demand will remain a key factor influencing Vietnam's rubber export activities in the coming period.