Vietnam - 11th largest rubber supplier to US market
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|Vietnam exported 21,010 tonnes of rubber worth US$37.14 million to the US in the first half of this year. Photo: VRG|
Vietnam exported 21,010 tonnes of rubber worth US$37.14 million to the US in the first half of this year, up 54.4% in volume and 81.8% in value year-on-year, becoming the 11th largest rubber supplier of the US, according to the Ministry of Industry and Trade.
Vietnamese rubber’s market share in the US stood at 2.3% during the reviewed period, against 1.6% recorded in the corresponding time last year.
Statistics released by the US International Trade Commission show that the US imported 912,350 tonnes of rubber worth US$1.81 billion, increases of 3.6% in volume and 16.5% in value year-on-year.
Indonesia, Thailand, Canada, the Republic of Korea, and the Ivory Coast were the five largest suppliers of rubber to the US.
|Many Vietnamese rubber companies recorded outstanding growth in revenue and profit in the second quarter due to higher rubber prices. Photo: vneconomy.vn|
Vietnam was the fourth largest supplier of natural rubber to the US with 20,950 tonnes worth US$36.93 million, up 54.2% in volume and 82.3% in volume, the VOV said.
According to a report compiled by Freedonia Focus Reports, the US’ demand for rubber is forecast to grow by nearly 1.1% per year until 2023.
Rubber prices forecast to stay high through 2021
Many Vietnamese rubber companies recorded outstanding growth in revenue and profit in the second quarter due to higher rubber prices. Analysts expect that rubber prices will remain high through 2021 on strong demand and tight supplies.
The Association of Natural Rubber Producing Countries said global rubber production in the first quarter of 2021 dropped by 12.5 percent year-on-year, but rubber consumption climbed 15.7 percent in the second quarter.
Total rubber consumption has recovered from the bottom as world economies, especially China, suffered from the outbreak of COVID-19 since the beginning of 2020.
|Analysts expect that rubber prices will remain high through 2021 on strong demand and tight supplies. Photo: VIR|
Total global rubber production in the first half of 2021 reached 4.5 million tonnes, while total consumption was about 5.4 million tonnes. Therefore, the supplies are short by more than 800,000 tonnes, Viet Nam News reported.
The decline in total rubber production started since 2020, but the supply-demand gap widened in 2021.
Analysts from ACB Securities Ltd. (ACBS) said that some reports show that farmers neglected their rubber plantations due to falling prices over a long period of time, meaning plants were easily exposed to diseases.
About 65 percent of natural rubber is produced in Southeast Asia. However, at present, some countries in this region such as Thailand and Malaysia have rubber trees that are hit hard by disease.
Countries such as Sri Lanka and India also have large areas of rubber trees affected by disease./.
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