Rubber export value rises 14%

By VNA May 22, 2024 | 04:41 pm PT

A worker harvests rubber at a farm of Vietnam Rubber Group in northern Son La Province. Photo courtesy of the company

Vietnam exported 499,000 tons of rubber for $743 million in the first 4 months of this year, up 6.4% in volume and 14% in value, according to the Vietnam Rubber Association.

China remained the largest consumer of Vietnamese rubber, accounting for 80% of the country's total export volume, followed by India.

The association said that with the recovery of the global automobile and tyre industries, especially in China, Vietnam’s rubber exports will likely enjoy favorable conditions and are expected to surge in the second quarter.

The association's general secretary Vo Hoang An said there remained room for Vietnam to increase its exports of rubber materials, as the country can produce 1.3 million tons of rubber latex annually but the local rubber processing sector only needs over 300,000 tons.

Under a strategy to develop plant cultivation through 2030, rubber yield will be raised to 1.8-2 tons per hectare.

Last year, Vietnam exported 2.14 million tons of rubber, earning $2.89 billion, according to figures from the General Department of Customs. The figures represented a year-on-year increase of 0.04% in volume but a decline of 12.7% in value.

Rubber exports are forecast to reach US$3.3-3.5 billion this year, said the Vietnam Rubber Association.