Source: doanhnghiephoinhap.vn
According to data from the Import-Export Department (Ministry of Industry and Trade) and the General Department of Vietnam Customs, in July 2024, Vietnam’s rubber exports to India reached 16.12 thousand tons with a value of 28.48 million USD. This marked a strong growth compared to June 2024, with an increase of 50.4% in volume and 56% in value. Although compared to July 2023, the export volume decreased by 3.7%, the value increased by 25.2%. This shows an increase in export value despite a decrease in volume.
In the first 7 months of 2024, Vietnam exported 74.27 thousand tons of rubber to India, worth 122.89 million USD, up 19.9% in volume and 42.9% in value over the same period in 2023. Natural rubber products, especially SVR 10, SVR 3L and RSS3, accounted for the majority of total exports.
India – a large and potential market for Vietnamese rubber.
Notably, SVR 10 rubber was the most exported product to India, accounting for 55.12% of the total volume, with an increase of 39.9% in volume and 62.8% in value compared to the same period last year. SVR 3L and RSS3 rubber also recorded positive growth, especially in value, although RSS3 export volume decreased.
Although some rubber grades such as Latex, SVR 20, SVR CV50 and RSS1 saw a decrease in export volume compared to the previous year, other grades such as SVR CV60, SVR 5, and synthetic rubber saw good growth. In particular, the average export price of rubber grades to India increased significantly, with Latex increasing by 31.6%, RSS1 increasing by 31%, and RSS3 increasing by 21.7%.
Looking ahead, the Import-Export Department predicts that India’s rubber import demand will continue to increase due to a shortage of domestic supply. India’s rubber production in the 2023/24 crop year is estimated at only 857 thousand tonnes, while consumption demand is up to 1.4 million tonnes. The automotive industry and medical equipment manufacturing in India are growing, leading to an increasing demand for natural rubber. However, imports are facing difficulties due to port congestion and a shortage of empty containers, which may affect the flow of rubber into India in the coming time.
