Although the export price of rubber in May decreased slightly, consumption increased sharply by 45.7% compared to April, so the turnover also increased by nearly 38%.

The Import and Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Vietnam Customs as saying that in May 2022, Vietnam exported 114,150 tons of rubber, worth nearly USD 195 million, an increase of 45.7% in volume and an increase of 37.8% in value compared to April.

Compared to May 2021, an increase of more than 38% in volume and an increase of more than 36% in value. This is the third consecutive month that rubber exports have increased over the same period last year.

In the first five months of 2022, rubber exports reached 599,430 tons, worth USD 1.05 billion, an increase of nearly 9% in volume and 13.5% in value over the same period in 2021.

In May, the average export price of rubber reached USD 1,707/ton, decreased by 5.5% compared to April and decreased by 1.5% compared to May 2021.

Also during this time, China was still Vietnam's largest rubber consumption market, accounting for 67.2% of the country's total rubber exports, with 76,750 tons, worth nearly  USD 124.6 million, an increase of more than 68% in volume and an increase of 57.7% in value compared to April; compared to May 2021, an increase of 47.2% in volume and an increase of 44.8% in value.

The average export price of rubber in May to China was at USD 1,623/ton, decreased by more than 6% from the previous month and decreased by 1.6% compared to May 2021. Accumulated over the first five months of 2022, Vietnam exported to China 402,640 tons of rubber, worth USD 686.75 million, increased by 7.3% in volume and 13.7% in value over the same period in 2021.

In addition, rubber exports to several key markets continued to gain good growth in both volume and value over the same period last year, notably: India, Germany, Pakistan, Russia, Indonesia, Brazil, Netherlands, Peru, etc.

Kylie Nguyen