Rubber prices are high, it is forecasted that rubber export turnover in 2024 will reach 3 - 3.5 billion USD, an increase of 200 - 400 million USD compared to 2023.
Report of Import and Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs, saying that in the third quarter of 2024, Vietnam's rubber exports reached 589.71 thousand tons, worth 988.44 million USD, up 89.3% in volume and 98% in value compared to the second quarter of 2024. However, compared to the third quarter of 2023, it still decreased by 7.2% in volume, but increased by 19.7% in value.
Regarding export markets, in the third quarter of 2024, Vietnam's rubber was mainly exported to the Asian region, accounting for 86.9% in volume and 86.26% in value of the country's total rubber exports. In the third quarter of 2024, rubber export Exports to the Asian market reached 512.48 thousand tons, worth 852.65 million USD, up 83.7% in volume and 93.1% in value compared to the second quarter of 2024; down 13.3% in volume, but up 11.2% in value compared to the third quarter of 2023.
In the third quarter of 2024, China is still Vietnam's largest rubber export market, accounting for 67.48% in volume and 66.39% in value of the country's total rubber exports, reaching 397.91 thousand tons, worth 656.23 million USD, up 97.6% in volume and 111.8% in value compared to the second quarter of 2024, but down 22.5% in volume and down 0.7% in value compared to the third quarter of 2023.
Ranked second is exports to the Indian market, accounting for 8.36% in volume and 8.93% in value of the country's total rubber exports, reaching 49.27 thousand tons, worth 88.29 million USD, up 69.8% in volume and 80.5% in value compared to the first quarter of 2024, up 37.3% in volume and 82.3% in value compared to the third quarter of 2023.
Regarding export types according to statistics from the General Department of Customs, in the third quarter of 2024, natural rubber mixture and synthetic rubber (HS 400280) were still the most exported items, accounting for 56.41% in volume and 57.41% in value of the country's total rubber exports, reaching 332.68 thousand tons, worth 567.45 million USD, up 107.7% in volume and 121.8% in value compared to the second quarter of 2024.
However, compared to the third quarter of 2023, it decreased by 23.9% in volume and 3.3% in value. Of which, exports to China accounted for 99.79% in volume and 99.62% in value of the total mixed exports of natural rubber and synthetic rubber of the whole country, with 332 thousand tons, worth 565.3 million USD, down 23.8% in volume and down 3.2% in value compared to the third quarter of 2023.
Notably, in the third quarter of 2024, the average export price of most rubber varieties increased sharply compared to the same period in 2023, such as: Skim block increased by 62.4%; Latex increased by 42.7%; RSS1 increased by 41.7%; RSS3 increased by 35.8%; SVR 5 increased by 32.5%; RSS4 increased by 32.2%; SVR CV50 increased by 30.8%; SVR CV40 increased by 29.8%; SVR CV60 increased by 29.5%; SVR 10 increased by 29.2%; SVR 3L increased by 28.7%...
The Import-Export Department assessed that in the third quarter of 2024, Vietnam's rubber export volume increased compared to the previous quarter, but still decreased compared to the same period last year. Although Vietnam's rubber export volume decreased significantly, export turnover still increased thanks to the high export price of rubber in recent times. With this result, rubber export turnover in 2024 is forecast to reach 3 - 3.5 billion USD, an increase of 200 - 400 million USD compared to 2023.
In the coming time, the demand for rubber may continue to increase when Chinese market launched stimulus packages to put the economy back on track. This has led to expectations that the Chinese economy will recover and grow better, leading to increased demand for rubber for manufacturing activities. China is currently Vietnam's largest rubber export partner, so any fluctuations in this market will have a major impact on Vietnam's rubber industry.
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