Source: markettimes.vn
Illustration
According to preliminary statistics from the General Department of Customs, Vietnam’s rubber exports in December reached 268,759 tons worth more than 373 million USD, up 6.1% in volume and 7.3% in value. compared to November. Overall for the whole year 2023, our country earns more than 2.8 billion USD from rubber exports, equivalent to more than 2.1 million tons, a slight decrease of 0.1% in volume and a decrease of 12,000 tons. 8% in value compared to 2022.
The export price of this item has also decreased compared to 2022, reaching an average of 1,350 USD/ton, down 12.6% over the same period.
In 2023, Vietnam’s exported rubber types are mainly mixtures of natural rubber and synthetic rubber, Latex, SVR 10, SVR 3L, SVR CV60, RSS3, SVR 20…
Speaking of rubber, China has always been Vietnam’s largest customer for many years, whether rubber prices fluctuate up or down, with the proportion always exceeding 60%. By the end of 2023, our country will export 1.7 million tons of rubber to China, earning more than 2.2 billion USD, up 6.6% in volume but down 4.7% in value compared to the same period in 2022. and accounts for 78%. 2023 is also the year recording the highest proportion of China in the last 5 years. With the advantage of low price and abundant rubber supply, Chinese partners always like to buy semi-processed rubber from Vietnam.
The average export price reached 1,330 USD/ton, down 10.6% over the same period.
source: General Department of Customs
Comparing output, in 2022, Vietnam’s rubber area will reach 929,500 hectares, output will reach nearly 1.29 million tons. The total export value of the entire industry is estimated at 10.4 billion USD, up 9.1% compared to 2021.
In China, rubber has always been a commodity that this country has always had a shortage of and had to compensate for with imports. A large amount of rubber is used to produce tires – an extremely important part of the automobile industry. In 2023, China will surpass Japan to become the world’s largest automobile exporter, with demand in the coming years expected to remain high.
In October, Wang Lijuan, Secretary General of the China Natural Rubber Association, said at a forum in Shanghai that the world’s number two economy needs more than 6 million tons of natural rubber each year, accounting for to 40% of global output. According to Ms. Wang, last year, China produced 856,000 tons of rubber domestically, mainly from the southern island province of Hainan and parts of the southwestern province of Yunnan.
The International Rubber Research Organization (IRSG) estimates that the total world demand for natural rubber and synthetic rubber in 2023 will be 30.64 million tons, an increase of 2.6% compared to 2022. Of which , natural rubber consumption increased by 2.1%.
In 2024, it is expected that China will boost automobile consumption as well as promote manufacturing activities, leading to increased demand for imported rubber to produce tires and other products. China’s push to import rubber will be a driving force in increasing global rubber prices. Meanwhile, nearly 80% of Vietnam’s total rubber exports are exported to China. In addition, fluctuations in oil prices due to concerns about trade disruption at the Suez Canal will also indirectly affect rubber prices.
