Rubber exports to China market decrease in quantity, increase in quality

In 11 months of 2024, rubber exports to China reached over 1.25 million tons, worth 2.07 billion USD, down 15.5% in volume, but up 5.5% in value over the same period.

The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Vietnam Customs, saying that in the 11 months of 2024, Vietnam exported over 1.25 million tons of rubber to China, worth 2.07 billion USD, down 15.5% in volume, but up 5.5% in value over the same period in 2023. Rubber exports to China accounted for 70.83% in volume and 69.95% in value of the country's total rubber exports in the 11 months of 2024. China remains Vietnam's largest rubber export market.

China is still Vietnam's largest rubber export market (Photo: Vietnambiz.vn)

Rubber export prices to China increased sharply compared to the same period last year. In November 2024, the average price of rubber exported to China reached 1,905 USD/ton, up 40% compared to November 2023. In the first 11 months of 2024, the average price of rubber exported to China reached 1,653 USD/ton, up 24.8% compared to the same period in 2023.

In general, the average export price of all rubber varieties to China in the first 11 months of 2024 increased compared to the same period in 2023, of which the strongest increase was RSS1 up 42.8%; Latex up 37.3%; SVR CV50 up 31.4%; RSS3 up 30.2%; SVR CV60 up 24.7%; Mixed natural rubber and synthetic rubber (HS: 400280) up 25%; SVR3L up 24.2%; SVR10 up 20.5%...

In terms of export types, in the first 11 months of 2024, Vietnam's exports to the Chinese market were mainly a mixture of natural rubber and synthetic rubber (HS 400280), accounting for 81.43% in volume and 84.24% in value of total rubber exports to this market, with 1.02 million tons, worth 1.74 billion USD, down 19.1% in volume, but up 1.2% in value compared to the same period in 2023.

Ranked second is Latex, accounting for 12.91% in volume and 10.03% in value of total rubber exports to the Chinese market, with 162.08 thousand tons, worth 208.08 million USD, up 5.2% in volume and 44.5% in value over the same period in 2023. In addition, in the 11 months of 2024, the export volume and value of some rubber varieties to China also increased compared to the same period in 2023 such as: SVR3L, SVR10, SVR CV60, recycled rubber, SVR 5, SVR 20, RSS1... However, the export of some varieties such as: RSS3, SVR CV50, synthetic rubber still decreased compared to the same period in 2023.

The Import-Export Department said that China plays an important role in the world rubber trade, especially its huge import demand. Due to China's slowing demand, Vietnam's rubber exports have decreased significantly in recent times. However, the export value is still higher than the same period last year due to the sharp increase in world rubber prices and high demand from other markets, in the context of a global supply shortage.

Vietnam mainly exports to China a mixture of natural rubber and raw rubber, the proportion of processed rubber exports is still very low. Therefore, rubber exporting enterprises need to have a strategy to increase the proportion of processed rubber to increase export value. At the same time, rubber exporting enterprises need to focus on expanding the market to reduce dependence on the Chinese market. In particular, it is necessary to pay attention to expanding market share in the EU market.

Source: https://congthuong.vn/xuat-khau-cao-su-sang-thi-truong-trung-quoc-giam-luong-tang-chat-366265.html