China is still the largest rubber importer, accounting for more than 22% of total rubber imports worldwide.
After many years of low rubber prices, this year, the rubber industry has recorded remarkable prosperity. In the first 6 months of 2022, the high price of rubber latex has promoted strong rubber export activities.
According to Vietnam Customs Statistics, the export turnover of the entire rubber industry in 2022 is estimated at 3.31 billion USD, with the output reaching 2.14 million tons, up 2.16% compared to 2021; in which, rubber products are estimated at 1.08 billion USD. Vietnamese rubber is increasingly penetrating deeper into many important markets such as China, the US, Europe, Korea, India…
In the first 11 months of 2022, Vietnam exported 1.37 million tons of rubber to China, worth 2.08 billion USD, up 14% in volume and 6.3% in value over the same period in 2021. .
Recently, Singapore’s ISRG Group has forecast that the worldwide demand for rubber will grow steadily by 2.4% per year in the period 2023-2031, a sharp increase compared to the growth rate of 1.8%. in 2022, based on expectations that China’s economy will reopen strongly. This is a very good opportunity for Vietnam’s rubber exports. Currently, China is still the largest rubber importer, accounting for more than 22% of total rubber imports worldwide.
According to Mr. Duong Duc Quang, Deputy General Director of the Commodity Exchange of Vietnam (MXV), rubber trading volume in December recorded an increase of about 6% over the previous month. “With nearly 1,500 contracts traded per day on the Osaka exchange, market liquidity has been much better. This also helps investors in Vietnam who are paying more attention to rubber products“, said Mr. Quang. According to statistics, the transaction value of industrial materials at MXV is 3% higher than the same period last month, reaching nearly 600 billion dong.
