In the first 10 months of 2022, Vietnam’s rubber exports reached 1.62 thousand tons, equivalent to a turnover of 2.61 billion USD. Rubber exports were up 8.5% in volume and 4.6% in turnover over the same period in 2021.
Vietnam exported 223.6 thousand tons of rubber in October 2022, with a turnover of 313.5 million USD, up 15.6% in volume and 12.2% in turnover over September. Compared to October 2021, the amount exported was up 8.7% in volume and down 8.1% in turnover.
The average export price of rubber in October 2022 was 1,402 USD/ton, down 15.5% over October 2021. In the first 10 months of 2022, rubber export price reached 1,609 USD/ton, down 3.5% over the same period in 2021.
In October 2022, Vietnam primarily exported rubber to China. The amount of rubber exported to China reached 177.8 thousand tons, equivalent to a turnover of 241.8 million USD, up 19% in volume and 16.3% in turnover compared to September. Compared to October 2021, rubber exported to China increased by 22% in volume and 1.7% in turnover.
In the first 10 months of 2022, Vietnam’s rubber exports to China reached 1.16 million tons, with a turnover of 1.81 billion USD, up 11.5% in volume and 6.8% in turnover over the same period in 2021.
In addition, Vietnam’s rubber exports to many markets increased in 10 months of 2022 compared to the same period in 2021, such as exports to Russia increased by 51.7% in volume and 44.4% in turnover, Brazil increased by 41.2% in volume and 25.5% in turnover, India increased by 15.5% in volume and 12.2% in turnover, etc.
According to information from the Vietnam Rubber Association, with the decline in rubber prices due to the fluctuating world market and slow consumption in China, the industry's profit at the end of the year is anticipated to be less favorable.
Specifically, the selling price of rubber experienced a period of strong fluctuations in the second quarter when it recovered in June and then decreased rapidly in July. The market was heavily impacted by the pandemic, political crisis, the lack of containers, high transportation costs, sharp increases in fuel prices, and slow customs clearance. All those factors affected the global supply chain.
Rubber prices in the world market tended to continue to decline in October due to concerns about slowing demand in China. Not to mention, the rubber price is often negatively correlated with dollar strength. With the uptrend of the USD in recent years, rubber prices are expected to remain low in the coming time.
Because of price fluctuations, especially market fluctuations, China is reducing the amount of rubber imported from Vietnam. That makes rubber exporters to this market reduce profits in the last 3 months.
In addition to the large import markets of Vietnamese rubber, businesses have boosted exports to the Indian market. The growth of the Indian market has balanced the decline of other markets.
(First 9 months of 2022)
Van Loi Kon Tum Joint Stock Company was Vietnam’s top rubber exporter in the first 9 months of 2022, reaching 436,794 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 253,212 thousand USD and 102,961 thousand USD worth of rubber, respectively.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit