Van Loi Kon Tum Joint Stock Company topped the list of rubber exporters in Vietnam in the first 4 months of 2022, reaching 133,066 thousand USD of turnover.
Followed in second and third places were Binh Phuoc General Import – Export Joint Stock Company and Lien Anh Production Rubber Co., Ltd, exporting 100,793 thousand USD and 40,952 thousand USD worth of rubber, respectively.
According to data from the General Department of Customs, Vietnam’s rubber exports in the first 4 months of 2022 reached 485.2 thousand tons, equivalent to a turnover of 856.9 million USD, up 3.7% in volume and 9.3% in turnover compared to the same period in 2021.
In April 2022, rubber exports of Vietnam decreased by 30.3% in volume and 30.2% in turnover compared to March 2022. Compared to April 2021, rubber exports were up 29.8% in volume and 30.4% in turnover.
It is estimated that in the first 5 months of 2022, Vietnam’s rubber exports would reach 595 thousand tons, with a turnover of 1.04 billion USD, up 8.1% in volume and 12.0% in turnover compared to the same period in 2021.
In the first 4 months of 2022, Vietnam most exported rubber to the Chinese market. The amount of rubber exported to China accounted for 67.2% of Vietnam’s total rubber exports. Rubber export turnover to China was 562.2 million USD, equal to 325.9 thousand tons of rubber exported. This turnover is an increase of 0.9% over the same period in 2021. Meanwhile, the volume of rubber exported was higher than in 2021 by 8.5%.
Vietnam’s rubber exports to the US in the first 4 months of 2022 reached 21.1 million USD, equal to 12.1 thousand tons exported. In the first quarter of 2022, Vietnam was the 13th largest rubber supplier to the US with 9 thousand tons, equivalent to 15 million USD, down 34% in volume and 36% in turnover over the same period in 2021.
Vietnam's rubber market share in total US rubber imports accounted for 1.7%, down from 3.1% in the first quarter of 2021.
According to the Agency of Foreign Trade, Vietnam's rubber exports to the US face competition from many markets, especially Indonesia, which accounted for 29.2% of total US rubber imports, and Thailand, which accounted for 13.2%. The rubber market shares of Thailand and Indonesia both increased over the same period in 2021.
In the second quarter of 2022, the global rubber industry is forecasted to recover, and selling prices will continue to remain high as demand from major markets increases, supply decreases, and crude oil prices rise.
However, the market could still be impacted by the lack of semiconductors which could affect auto production, the geopolitical crisis, the shortage of containers, high transportation costs, and slow customs clearance that affect the supply chain.
Thus, with positive signals about global rubber demand expected to continue to increase, while the supply cannot recover soon, the prospect of Vietnam's rubber exports in the near future will still be positive.
Compiled by VietnamCredit