According to data just released by the General Department of Customs, in July 2024, Vietnam's rubber exports reached 186,033 tons, worth USD 307.9 million, a decrease of 15.3% in volume, an increase of 7.3% in value over the same period last year.

Notably, the export price of rubber in July 2024 reached USD 1,655/ton, an increase of 2.9% over the previous month and an increase of 26.8% over the same period in 2023. This is the highest price achieved in the past two years, since June 2022.

Accumulated over the first 7 months of 2024, Vietnam exported 912,725 tons of rubber, worth USD 1.4 billion, a decrease of 7.5% in volume but an increase of 5.9% in value over the same period last year.

Regarding the rubber consumption market, data from the General Department of Customs shows that since the beginning of the year, Vietnam's rubber exports to the Chinese market have tended to decrease, but to other markets have increased very strongly.

Specifically, in July 2024, Vietnam's rubber exports to the Chinese market reached 127,664 tons, worth USD 206.73 million, a sharp decrease of 27.2% in volume and 8.6% in value compared to the same period in 2023. This is also the 6th consecutive month that rubber exports to this market have decreased compared to the same period last year.

Accumulated over the first 7 months of 2024, rubber exports to China only reached 617,033 tons, worth USD 924.63 million, a decrease of 18.6% in volume and 8.2% in value compared to the same period in 2023.

According to data from the General Administration of Customs of China, in the first 6 months of 2024, China imported 3.41 million tons of rubber, worth USD 5.56 billion, a decrease of 16.8% in volume and 8.9% in value compared to the same period in 2023. Of which, rubber imported from Vietnam into China reached 564 thousand tons, worth USD 802 million, a decrease of 15.4% in volume and 10.8% in value compared to the same period in 2023. Vietnamese rubber accounted for 16.51% in volume and 14.43% in value of China's total imports in the first 6 months of 2024.

Meanwhile, Vietnam's rubber exports to other major markets, India and Korea Republic, gained growth of 19.9% ​​and 5.8% respectively in the first 7 months of 2024, reaching 74,277 tons and 27,793 tons, accounting for 8.1% and 3% of the export market share.

In addition, the amount of rubber exported to many other markets also increased sharply such as: Russia increased by 15.4%; Taiwan increased by 16.3%; Turkey increased by 12.1%, etc. In particular, to Sri Lanka increased by 317.8%, Malaysia increased by 121%, Belgium increased by 263.4%, etc.

In 2024, the rubber industry aims to achieve an export turnover of USD 3.3-3.5 billion, USD 400-600 million higher than in 2023. However, with the results achieved over 7 months, rubber exports for the whole year of 2024 are forecast to reach USD 3-3.2 billion, an increase of USD 200-400 million compared to 2023.

Kylie Nguyen