THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Total rubber export value stable
VGP - According to the Ministry of Agriculture and Rural Development (MARD), Viet Nam earned US$1.66 billion from shipping 1.21 million tons of rubber latex to foreign markets for the first ten month of the year, up 13.4% in volume and down 7.3% in value against the same period last year.
The nation's rubber exports to key markets saw a decline compared to last year’s corresponding period, exclusive of India and Indonesia, which recorded respective increases of 53% and 5%.
In October alone, the country exported 184,000 tons of rubber latex worth US$238 million. China, India, Malaysia were the largest rubber importers in the reviewed period, accounting for 66%, 7% and 5% of market share in Viet Nam’s total rubber export value, respectively.
Despite positive signs in the global rubber market, Viet Nam’s average rubber export prices remain low due to the impact of the U.S.- China trade war, according to the Agro Processing and Market Development Authority (Agrotrade) under MARD.
Agrotrade said China is the key tire manufacturer and exporter to the U.S. market while accounting for 66% of Viet Nam’s rubber export turnover. After the US imposed high tariffs on Chinese products, China’s rubber processing industry has been greatly affected, resulting in the reducing import of rubber raw material.
By Hoang Ha