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China consumes 70% of Vietnam's rubber exports

14/10/2021

While the export of most agricultural, forestry and fishery products in August and September 2021 decreased, rubber exports still grew well.

According to the latest preliminary statistics of the General Department of Customs, in September, rubber exports reached 180,682 tons, worth more than USD 299 million, decreased by 4.8% in volume and decreased by 4% in value compared to September 2020.

Cumulative over nine months reached 1,288,191 tons, worth USD 2,150 billion, an increase of 15.8% in volume and 51.2% in turnover over the same period last year. The average export price of USD 1,646/ton, increased by 0.3% compared to August 2021 and increased by 22.7% compared to September 2020.

China continues to be the No. 1 export market of Vietnamese rubber. In September, rubber exports to China reached 123,013 tons, compared to August 2021, decreased by nearly 10% in volume and decreased by 10.19% in value. Compared to September 2020, a decrease of 26.31% in volume and a decrease of 7.02% in value.

However, the amount of rubber exported in the previous months increased sharply, therefore, in the first nine months, rubber exports to China reached 901,734 tons, increased by 4.86% in volume and increased by 35.32% in turnover over the same period. Accounting for 70% of Vietnam's total rubber exports, the average export price of USD 1,617.5/ton, increased by 4.86% in volume, increased by 35.32% in turnover and 29.8% in price compared to the same period in 2020.

According to the Chinese Customs Administration, the five largest rubber suppliers to this country in the first eight months of the year including: Thailand, Vietnam, Malaysia, South Korea and Japan.

Vietnam is the second largest rubber supplier to China with USD 1.28 billion, an increase of 49.5% over the same period in 2020. Vietnam's rubber market share in China's total import value in the first eight months of 2021 accounted for 15.9%, a sharp increase compared to 13.2% in the first eight months of 2020.

Also during this period, Vietnam was the fifth largest natural rubber supplier to China with USD 148.88 million, an increase of 51.2% over the same period in 2020. Vietnam's natural rubber market share accounted for 6.5% of China's total import value, increased from 6.4% in the first eight months of 2020.

Behind the main market of China is the Indian market. In September 2021, rubber exports to the Indian market reached 15,638 tons, valued at USD 27.76 million, an increase of 14.95% in volume and 18.77% in turnover, an increase of 2.69 times in volume and 3.55 times in turnover compared with September 2020.

Accumulated over the first nine months of the year, rubber exports to the Indian market reached 76,606 tons, worth USD 136.63 million, an increase of 1.85 times in volume and 2.39 times in turnover compared to the same period last year, accounting for nearly 6% of the total volume and total export turnover of rubber of the country. The average export price of rubber is USD 1,785.8/ton.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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