Source: markettimes.vn
According to preliminary statistics from the General Department of Customs, exports of rubber products in November reached more than 93 million USD, a slight increase of 0.2% compared to October 2023. Cumulatively in the first 11 months of the year, rubber products have earned more than 987 million USD, down 1.9% over the same period in 2022.
The US, Japan and Korea are three major customers of rubber products from Vietnam with values of 320 million USD, 161 million USD and 86 million USD respectively. However, in terms of growth, Russia is the country that has increased imports of this product from Vietnam the most since the beginning of 2023.
Specifically, from the beginning of the year until now, Russia has spent more than 10 million USD to import our country’s rubber products, an increase of 175% over the same period in 2022. However, Russia’s market share is only very small, less than 1%. in the export structure of this product group in our country.
In 2022, Russia spent more than 5.15 million USD to import rubber products from Vietnam, an increase of 56.64% compared to 2021. Thus, in the first 11 months of the year, product export turnover Rubber turnover has doubled the turnover of the whole year 2022 combined.
Although it only accounts for less than 1%, in the rubber and rubber products industry, Russia is considered a good growth market as it continuously increases imports of this product from Vietnam. According to forecasts, Russia’s synthetic rubber imports are expected to reach 235 million USD by 2026 with demand increasing by 5.9% each year.
In 2021, Russia is the 24th largest importer of synthetic rubber with 210 million USD, after Romania, the US, Germany and Malaysia. It is forecast that in the second half of 2023, Russia will continue to be a potential market for Vietnamese rubber and rubber products.
Regarding the export situation, in the first 11 months of the year, our country’s exports to Russia reached a turnover of more than 1.5 billion USD, an increase of 15.6% over the same period in 2022.
According to the Vietnam Rubber Association (VRA), Vietnam’s rubber industry continues to hold the fifth position in area, third in natural rubber output in the world and leads in productivity in the Asian region with The area is more than 929.5 thousand hectares and the output is nearly 1.29 million tons (as of 2022). In Asia, the leading countries in rubber output include Thailand, Indonesia, Vietnam, China, India and Malaysia. In 2016, supplies from these 6 countries accounted for 86.6% of total global rubber production.
Rubber is used to make tubes, tires, parts of some electrical appliances, machinery and household appliances, toys, sports equipment, etc. According to Vifores, natural rubber raw materials, Rubber products, rubber wood and wooden furniture made from rubber wood are identified as the three main export product groups of the rubber industry today.
