In 2021, Vietnam's rubber exports are estimated at 1.97 million tons, with a turnover of 3.31 billion USD, up 12.9% in volume and 39.0% in turnover compared to 2020. Rubber export prospects in 2022 will be relatively positive thanks to price recovery and increased consumer demand.
Data from the Vietnam General Department of Customs showed that Vietnam’s rubber export in November 2021 reached 208.6 thousand tons, equivalent to a turnover of 353.2 million USD, decreased by 1.7% in quantity and up 8.7% in turnover compared to November 2020. In 11 months of 2021, Vietnam’s rubber export reached 1.7 million tons, with a turnover of 2.8 billion USD, up 12.9% in quantity and 41.9% in turnover over the same period in 2020.
The average export price of rubber in November 2021 was 1,670.6 USD/ton, an increase of 25.8% compared to the same period in 2020.
Rubber is always in the group of key export agricultural products, accounting for a significant proportion of the total export turnover of Vietnam's agricultural products. Currently, Vietnam's rubber export output is on average 1.6 - 1.7 million tons per year. Rubber export turnover has always grown over the years, reaching over 2 billion USD.
In 2021, despite the complicated progression of COVID-19, Vietnam's rubber export achieved impressive growth. Vietnam rubber export ranked third globally in terms of export value, with main export markets being China, India, Germany, the US, etc.
In 11 months of 2021, Vietnam mostly exports rubber to China, accounting for 72.3% of the total amount. Rubber export to the Chinese market in the first 11 months of 2021 reached 1.2 million tons, equivalent to 1.96 billion USD in turnover, up 1.7% in quantity and 26.3% in turnover compared to the same period in 2020.
Vietnam’s rubber export to some markets increased sharply in 11 months of 2021, reaching a triple-digit rate in markets such as Sri Lanka, Russia, Finland, and Mexico.
(Eleven months of 2021)
In the coming years, the world economy is forecasted to continue to have complicated and unpredictable developments, such as slow economic growth, trade tensions between major economies, the tendency to increase technical barriers and trade remedies to protect domestic production increases, etc.
In addition, new generation FTAs will require Vietnam’s rubber industry to be more competitive. To adapt to such a business environment, the government has coordinated with localities, associations, and companies to implement solutions to develop the Vietnamese rubber industry towards the value chain, strengthen the connection between production and trade, develop export markets, develop products associated with branding sustainably. In particular, in recent years, activities of trade promotion and market development for natural rubber and rubber products have been focused on and promoted.
The global rubber market is showing clear signs of prioritizing eco-friendly products, and Vietnam is also orienting the rubber industry towards the same goal. Sustainable certified natural rubber and rubberwood products will bring higher added value, ensuring access to and expanding world markets.
Vietnam is one of the Southeast Asian countries that enjoys pilot projects to support sustainable rubber and is certified by the PEFC International Forest Certification System. Up to now, 55,000 hectares of rubber forests in Vietnam have been certified VFCS/PEFC. The certified area is expected to reach 100,000 hectares in the first quarter of 2022. With the existing certified area, 85,000 tons of natural rubber and 300,000 tons of certified sustainable rubberwood will be harvested and put into production and trade.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit