(First 7 months of 2022)
Van Loi Kon Tum Joint Stock Company was Vietnam’s top rubber exporter in the first 7 months of 2022, reaching 282,781 thousand USD in turnover.
Followed in second and third places were Binh Phuoc General Import – Export Joint Stock Company and Van Nang Service Trading Company Limited, exporting 191,290 thousand USD and 75,581 thousand USD worth of rubber, respectively.
In the first 8 months of 2022, Vietnam’s rubber exports reached 1.2 million tons, with a turnover of 2 billion USD, up 8.7% in volume and 8.8% in turnover compared to the same period in 2021.
Data from the General Department of Customs showed that Vietnam’s rubber exports in August 2022 reached 219.3 thousand tons, equivalent to a turnover of 332.4 million USD, up 11.6% in volume and 4.2% in turnover over July 2022.
China was Vietnam’s top rubber exporting market in August 2022, with 163.6 thousand tons of rubber exported. That amount is equal to 241.1 million USD in turnover. Exports to China in August were up 16.8% in volume and 9.5% in turnover over July 2022; up 20.3% in volume and 9.2% in turnover compared to August 2021.
In the first 8 months of 2022, Vietnam exported 840.1 thousand tons of rubber to China, with a turnover of 1.36 billion USD, up 7.9% in volume and 8.1% in turnover over the same period in 2021.
Vietnam’s rubber exports to several markets witnessed increases in 2022 over the same period in 2021. For example, exports to India were up 45.5% in volume and 44.3% in turnover, to Russia up 55.8% in volume and 51.0% in turnover, to Indonesia up 45.5% in volume and 51.2% in turnover, etc.
According to the Import-Export Department, in the first 7 months of 2022, Vietnam's exported rubber products are mainly the mixture of natural and synthetic rubber (code - HS 400280), Latex, SVR 10, SVR 3L, SVR CV60, RSS3, etc.
The mixture of natural rubber and synthetic rubber is still the most exported product, accounting for 56% of Vietnam's total rubber exports, with nearly 550.5 thousand tons, worth 939.2 million USD, down 2.7% in volume, and up 1.4% in value over the same period in 2021.
China is expected to be Vietnam’s top rubber importer in the remainder of 2022.
According to statistics from China Customs, in the first 7 months of 2022, China's rubber import value (HS 4001, 4002, 4003, 4005) reached 7.73 billion USD, an increase of 10.1% over the same period in 2021.
Thailand, Vietnam, Malaysia, Japan, and Korea are the 5 largest markets supplying rubber to China. Among these countries, imports from Malaysia and Korea decreased, while the value of rubber imports from Thailand, Vietnam, and Japan increased over the same period in 2021.
In the first 7 months of 2022, Vietnam was China's second-largest rubber supplier with 1.18 billion USD, up 10.6% over the same period in 2021. Vietnam's rubber market share in the total value of China's import price in the first 7 months of 2022 accounted for 15.4%, higher than 15.3% in the first 7 months of 2021.
China will remain a major market for Vietnam's rubber latex and semi-processed rubber exports in the last 5 months of 2022. However, supply chain disruptions due to China's "Zero-Covid" policy will continue to affect the country's rubber consumption in 2022.
Compiled by VietnamCredit