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Vietnam’s rubber exports enjoy surge in first four months of 2021

Malie Nguyen Malie Nguyen

Dieuhuong270198@gmail.com

May 10, 2021 | 11:00

Vietnam exported 486,000 tonnes of rubber worth $817 million during the past four months of the year, representing a year-on-year increase of 79.6% in volume and 111.6% in value compared to the same period from last year, according to data released by the Ministry of Industry and Trade.

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China has become the most significant export market for local rubber, with the export volume of natural rubber to the Chinese market last year reaching an estimated 1.36 million tonnes, thereby accounting for 77.9% of the total export volume.

Most notably, the northern neighbor remains the country’s largest export market with a volume of 290,159 tonnes of rubber during the first quarter of the year, making up 71.38% of the total export volume. In addition, rubber exports to markets such as India, the United States, and the Republic of Korea recorded sharp increases by 43.5%, 71%, and 52%, respectively, VOV reported.

Vietnam’s rubber exports enjoy surge in first four months of 2021
Vietnam’s rubber exports enjoy a surge in the first four months of 2021. Illustrative photo: VNA

Vo Hoang An, vice chairman and general secretary of the Vietnam Rubber Association, said since the beginning of the year, the average price of natural rubber globally has risen each month due to the recovery of the Chinese economy. Indeed, the widespread rollout of novel coronavirus (Covid-19) vaccines globally, along with the impact of the $1.9 trillion stimulus package implemented by the US and European countries has served to boost the global economy.

An noted that China’s increase in rubber imports continues to be the driving factor behind the high rubber prices recorded during the final months of last year and in the early part of this year.

He went on to emphasize that the local rubber industry has exerted great efforts in recent years to diversify its export markets in order to target demanding markets such as Europe, the US, and Japan.

Vietnam’s rubber exports enjoy surge in first four months of 2021
Vietnam’s rubber exports enjoy a surge in the first four months of 2021. Illustrative photo: VNA

Despite these efforts, due to the adverse impacts of the Covid-19 pandemic in these countries, there was only a limited number of orders from these markets throughout 2020 and during the start of this year.

Elsewhere, demand for natural rubber continues to increase in China due to the early implementation of effective disease control measures.

An also recommended that the Vietnamese rubber industry utilize the range of benefits brought about by numerous free trade agreements as a means of accelerating the diversification of export markets and boosting the added value for the sector moving forward.

Vietnam’s rubber exports in the first two months of 2021 doubled in both volume and value compared to the same period last year, after months of slowdown, according to the Ministry of Agriculture and Rural Development (MARD), according to Vietnamplus.

In January – February, rubber shipments reached 320,000 tonnes, a jump of 89.9 percent from a year earlier, while value totaled $516 million, a 2.1-fold increase year-on-year

Rubber price also rebounded, averaging $1,608 per tonne in January, up 10.3 percent year-on-year.

China was Vietnam’s top importer, purchasing 72.7 percent of rubber exported by the Southeast Asian country. It was followed by India (4.6 percent) and the Republic of Korea (2.7 percent).

The MARD’s Agro Processing and Market Development Authority forecast the price will rise further on the back of short supply and surges in international benchmark prices for natural rubber on Japan’s Osaka Exchange (OSE) over the previous month.

The US’s approval of a 1.9-trillion-USD coronavirus relief package and expected growth of auto sales in China in 2021 also provides a bright outlook for the global rubber market in the time ahead.

Vietnam exported about $2.3 billion worth of rubber annually, making it one of the country’s key currency earners.

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