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Rubber exports in the second quarter continued to recover thanks to increased global consumption demand

10/08/2022

In the second quarter alone, rubber exports recorded an increase of 23.6% in volume and 22.3% in value compared to the second quarter of 2021, this is also the second quarter in a row that the industry maintains an uptrend over the same period last year.

The Import-Export Department (Ministry of Industry and Trade) quoted statistics from the General Department of Vietnam Customs saying that in the second quarter, Vietnam's rubber exports reached 380.3 thousand tons, worth USD 646.4 million, an increase 23.6% in volume and 22.3% in value over the same period in 2021. Vietnam's rubber exports in the second quarter continued to recover thanks to increased global rubber consumption demand.

In the second quarter, Vietnam's rubber was mainly exported to Asia, accounting for 87.5% of the country's total rubber export value, with 335.3 thousand tons, worth USD 565.4 million, an increase of 31.6% in volume and 31.4% in value over the same period in 2021.

In general, Vietnam's rubber exports to most markets have grown well compared to the same period in 2021. In which, China is still the largest market for Vietnam's rubber consumption, with more than 256 thousand tons, worth more than USD 416 million, an increase of 27.4% in volume and 26% in value over the same period in 2021, accounting for 64.4% of the country's total rubber export value.

India ranked second with more than 28,000 tons, worth nearly USD 51 million, an increase of 93% in volume and more than 91% in value over the same period in 2021, accounting for nearly 8% of the country's total rubber export value in the second quarter of 2022.

In terms of export categories, most types of exported rubber have good growth compared to the same period in 2021. In which, mixture of natural rubber and synthetic rubber (HS 400280) is the most exported item, accounting for 64.4% of the total value of rubber exports of the country, with more than 197 thousand tons, worth USD 333.38 million, an increase of 13.6% in volume and an increase of more than 15% in value.

In which, exports to China accounted for almost all of the total value of the country's total exports of natural rubber and synthetic rubber mixture, with 19.8 thousand tons, worth nearly USD 323 million, an increase of 14 .2% in volume and 15.8% in value over the same period in 2021.

In the second quarter, the average export price of some types of rubber tends to increase compared to the same period in 2021, notably, SVR 20 increased by 4.3%; mixed rubber (HS 4005) increased by 14.8%. However, the average export prices of some types tend to decrease such as: SVR 3L decreased by 5.8%; SVR CV60 decreased by 7.8%; RSS3 decreased by 5.5%, etc.

 

Kylie Nguyen

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