According to the Import-Export Department (Ministry of Industry and Trade), in August, rubber exports to the billion-people market reached 181,720 tons, equivalent to USD 232 million, an increase of 11% in volume but a decrease of 4% in value compared to August 2022. This is also the 7th consecutive month that the volume of rubber exported to China increased compared to the same period last year.

Accumulated over the first eight months of this year, Vietnam exported 939,320 tons of rubber to China, equivalent to USD 1.2 billion, an increase of 12% in volume but a decrease of 9% in value compared to the same period in 2022.

According to the Import-Export Department, China's economic stimulus policies and support packages for the automobile industry are creating a push for world rubber consumption and prices.

The Chinese government is ambitious to turn the electric vehicle and hybrid vehicle manufacturing industry and Chinese automakers into large corporations and companies in the global industry.

In the long term, China will heavily import rubber materials for automobile production. Currently, the country's demand for imported rubber for tire production has also increased.

The Import-Export Department predicts that China will increase imports of this product in the last months of the year, which will help Vietnamese rubber businesses have the opportunity to boost exports to this market.

Regarding the general situation of the industry, according to the Import-Export Department, in August, the volume of rubber exported reached its highest level since the beginning of 2023 with 222,480 tons, equivalent to USD 287 million, an increase of 1.5% in volume and an increase of 14% compared to August 2022.

Accumulated over the first eight months of this year, rubber exports reached nearly 1.2 million tons, equivalent to USD 1.6 billion, unchanged in volume but decreased by 19% in value compared to the same period in 2022.

Export rubber prices have continuously decreased since the beginning of 2023. In August, the average export rubber price reached USD 1,291/ton, decreased by 1% compared to July and decreased by 15% compared to August 2022.

In the first eight months of 2023, rubber exports to key markets such as China, Korea Republic, France, etc. have good growth in volume compared to the same period in 2022.

Among them, China is still Vietnam's largest rubber export market, accounting for 78% of the volume and 75% of the country's rubber export value.

Meanwhile, rubber exports to a number of other markets such as India, the US, Germany, Taiwan, Indonesia, Turkey, Sri Lanka, etc. decreased compared to the same period in 2022, with negative growth of two digits.

Kylie Nguyen