The International Rubber Research Organization (IRSG) forecasts that total world demand for natural and synthetic rubber will recover in 2023, reaching 30.64 million tons, up 2.6% year-on-year. 2022.
The global consumption of natural rubber is forecast to increase by 2.1% in 2023. However, the long-term sustainable growth of the rubber industry will depend on the evolution of the Russia-Ukraine conflict and China's real growth results in the near future.
In May 2023, rubber prices in the Asian market fluctuated unevenly, at the end of the month, prices in Japan and Shanghai increased compared to the end of April 2023, while prices in Thailand decreased.
Natural rubber consumption is forecasted to increase again
In the domestic market, in May 2023, the price of raw rubber latex continued to remain around 225-280 VND/TSC.
In Binh Phuoc, the price of raw rubber latex purchased by Phu Rieng Rubber Company is at 270-280 VND/TSC.
In Binh Duong, the purchase price of raw rubber latex of Phuoc Hoa Rubber Company fluctuates at 270-280 VND/TSC.
In Gia Lai, rubber latex was purchased by Mang Yang Rubber Company at the price of 225-235 VND/TSC, stable compared to the end of April 2023.
According to an estimate by the Import-Export Department, Ministry of Industry and Trade, Vietnam's rubber exports in May 2023 reached about 110,000 tons, worth US$149 million, up 25.4% in volume and 22.6% in terms of volume. value compared to April 2023; However, compared to May 2022, it decreased by 3.6% in volume and 23.4% in value.
The average rubber export price was at $1,358/ton, down 2.2% compared to April 2023 and 20.5% lower than May 2022. Accumulated in the first 5 months of 2023, rubber exports are estimated at about 580,000 tons, worth US$803 million, down 3.3% in volume and 23.7% in value over the same period in 2022.
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