China spends billions of dollars importing Vietnamese rubber

In the first seven months of the year, China spent more than a billion USD to import 757,600 tons of rubber from Vietnam, up 12% in volume but down more than 10% in value compared to the same period last year.

The latest figures from the General Department of Vietnam Customs show that in the first 7 months of the year, exports of agricultural, forestry and fishery products to the Chinese market increased by 12.5% ​​compared to the same period last year, accounting for 21.9% of the total export turnover of the agricultural sector. Of which, vegetables and fruits exported to this country were worth 2 billion USD, and rubber was over 1 billion USD, equivalent to 757,600 tons.

Rubber exports to China account for 99.82% of the total turnover. Vietnam is the second largest rubber supplier to China, after Thailand.

Workers are collecting rubber latex. Photo: GVR.

The reason for the increase in rubber volume but decrease in value is due to low prices. The average export price of rubber to China in July was 1,291 USD per ton, down 0.9% compared to June and down 17.9% compared to the same period last year.

In the world market, from early August until now, rubber prices on key Asian exchanges have increased slightly and then decreased due to China's economic difficulties and the decline in car sales in this country.

According to the China Passenger Car Association (CPCA), the country's passenger vehicle sales fell for the second consecutive month in July, reaching 1.79 million units, down 2.6% year-on-year.

However, the Import-Export Department (Ministry of Industry and Trade of Vietnam) assessed that China's rubber consumption demand is gradually recovering. Therefore, rubber exports to this market will increase in the last 5 months of the year. In recent weeks, the Chinese government has introduced a series of policies to support the economy as the country's post-pandemic recovery slows down.

Thi Ha

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