Vietnam's rubber market share is shrinking in the Indian market.

China continues to be the largest export market

The latest information from the Import-Export Department (Ministry of Industry and Trade) shows that in November 2023, the amount of rubber exported increased compared to the previous month, but still decreased compared to the same period last year. According to statistics from the General Department of Customs, in November 2023, Vietnam exported 253.31 thousand tons of rubber, worth 348.43 million USD, up 16.1% in volume and 18.6% in value compared to October 2023; compared to November 2022, it decreased by 0.1% in volume but increased by 1.3% in value.

Accumulated in the first 11 months of 2023, rubber exports reached over 1.87 million tons, worth 2.51 billion USD, up 0.01% in volume, but down 14.7% in value compared to the same period in 2022.

In the first 11 months of 2023, rubber exports reached over 1.87 million tons, worth 2.51 billion USD, up 0.01% in volume, but down 14.7% in value compared to the same period in 2022. Illustrative photo

According to the Import-Export Department, in November 2023, the export price of rubber increased slightly again compared to the same period last year. Specifically, the average export price of rubber reached 1,376 USD/ton, up 2.2% compared to October 2023 and up 1.4% compared to November 2022. In the first 11 months of 2023, the average export price of rubber reached 1,344 USD/ton, down 14.7% compared to the same period in 2022.

In November 2023, China remained Vietnam's largest rubber export market, accounting for 82.55% in volume and 81.65% in value of the country's total rubber exports, reaching 209.1 thousand tons, worth 284.5 million USD, up 16.3% in volume and 18.3% in value compared to October 2023. Compared to November 2022, it increased by 0.03% in volume and 2.6% in value. This is the 10th consecutive month that rubber exports to China have increased compared to the same period in 2022.

The average export price of rubber to China is at 1,361 USD/ton, up 1.8% compared to October 2023 and up 2.5% compared to November 2022. In the first 11 months of 2023, Vietnam exported 1.48 million tons of rubber to China, worth 1.96 billion USD, up 7.9% in volume but down 5.8% in value compared to the same period in 2022.

In addition, according to information from the Import-Export Department, in November 2023, the amount of rubber exported to some markets grew well compared to the same period last year, notably: Sri Lanka increased by 1,175%; the United States increased by 78.9%; India increased by 56.3%; Japan increased by 52.5%; South Korea increased by 37%...

In the first 11 months of 2023, rubber exports to most markets still decreased compared to the same period last year, especially large markets such as: India, the United States, Germany, Taiwan, Turkey, Sri Lanka, Russia, Indonesia, Spain... However, rubber exports to some markets still grew well in volume compared to the same period in 2022 such as: China, Korea, the Netherlands, Singapore, the Czech Republic...

Vietnam's rubber market share is shrinking in India

According to statistics from the Indian Ministry of Commerce, in the first 9 months of 2023, India imported 869.51 thousand tons of rubber (HS 4001; 4002; 4003; 4005), worth 1.58 billion USD, down 8.1% in volume and 25.4% in value compared to the same period in 2022. Indonesia, South Korea, Thailand, Malaysia and Vietnam are the 5 largest markets supplying rubber to India.

In the Indian market, Vietnam's rubber market share is shrinking compared to the same period in 2022. Illustrative photo

India's rubber imports from Vietnam decreased sharply in the first 9 months of 2023, with 77.77 thousand tons, worth 114 million USD, down 26.5% in volume and 44.8% in value compared to the same period in 2022. Rubber imported from Vietnam accounted for only 8.94% of India's total rubber imports, down from 11.19% in the same period in 2022. In the Indian market, Vietnam's rubber market share is shrinking compared to the same period in 2022, while the rubber market share of Indonesia, Thailand, Korea, and China increased sharply compared to the same period in 2022.

In the first 9 months of 2023, India imported 362.44 thousand tons of natural rubber (HS 4001), worth 540.62 million USD, down 14.3% in volume and 33.5% in value compared to the same period in 2022. Indonesia, Vietnam, Malaysia, Ivory Coast and Thailand are the 5 largest markets supplying natural rubber to India.

Of which, Vietnam is the second largest market supplying natural rubber to India in the first 9 months of 2023 with 76.24 thousand tons, worth 111 million USD, down 27% in volume and 45.2% in value compared to the same period in 2022. Vietnam's natural rubber market share in India's total imports accounted for 21.04%, down sharply compared to 24.69% in the same period in 2022.

In this context, many experts recommend that rubber exporting enterprises need to have a strategy to increase the proportion of processed rubber rather than raw rubber to increase export value. It is forecasted that by the end of 2023, rubber export turnover will hardly reach the target of 3.5 billion USD and will only stop at 3 billion USD.

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