After a long period of rubber decline, the average rubber export price in November 2023 is at 1,370 USD/ton, up 1.8% compared to October 2023 and up 1% compared to November 2022.
Rubber export prices in November 2023 increased slightly
The average rubber export price in November 2023 is 1,370 USD/ton, an increase of 1.8%.
The Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs as saying that it is estimated that Vietnam's rubber exports in November 2023 will reach about 250 thousand tons, worth 343 million USD, an increase 14.5% in volume and 16.6% increase in value compared to October 2023; but compared to November 2022, it decreased by 1.4% in volume and 0.4% in value. Specifically, the average rubber export price in November 2023 is at 1,370 USD/ton, up 1.8% compared to October 2023 and up 1% compared to November 2022.
Notably, cumulatively in the first 11 months of 2023, rubber exports will reach about 1.87 million tons, worth 2.51 billion USD, down 0.2% in volume and down 14.9% in value compared to the same period last year. period of 2022. In the first 10 months of 2023, Vietnam's exported rubber types are mainly mixed natural rubber and synthetic rubber (HS 400280), Latex, SVR 10, SVR 3L, SVR CV60, RSS3, SVR 20...
Among them, the mixture of natural rubber and synthetic rubber (HS 400280) is still the most exported product, accounting for 67.51% in volume and 68.66% in value of total rubber exports. of the whole country, with over 1.09 million tons, worth 1.48 billion USD, an increase of 16.4% in volume, but a decrease of 1.9% in value compared to the same period in 2022. Export to the Chinese market China accounts for 99.77% in volume and 99.62% in value of the country's total mixture of natural rubber and synthetic rubber.
Regarding the world market, in November 2023, rubber prices on key Asian exchanges fluctuated in an upward trend in the context of low inventories, raising concerns about tight supply, while the China's efforts to boost its economy and real estate sector have led to optimism about demand among the world's top consumers.
In the domestic market, in November 2023, raw rubber latex prices across the country decreased compared to the previous month. At rubber companies, latex prices are currently maintained around 270 - 313 VND/TSC. In particular, Phuoc Hoa Rubber Company reduced the purchasing price to 311 - 313 VND/TSC, down 2 VND/TSC compared to the end of last month. Phu Rieng Rubber Company keeps the purchasing price at 285 - 305 VND/TSC.
Meanwhile, Ba Ria Rubber Company adjusted the purchasing price of latex to 280-290 VND/TSC, down 5 VND/TSC compared to the end of last month. Binh Long Rubber Company adjusted the purchasing price to 285 - 295 VND/TSC, down 7 VND/TSC compared to the end of last month. Mang Yang Rubber Company adjusted the purchasing price to 270 - 278 VND/TSC, down 2 VND/TSC compared to the end of last month.
Need to seize opportunities to change according to market trends
Up to this point, many comments are still optimistic that rubber prices will grow again in the last quarter of the year and early 2024.
Over the past 2 years, export rubber prices have continuously decreased. The average price of Vietnam's rubber exports in 2022 decreased by 7.8% compared to 2021. The Vietnam Rubber Association explained that the decrease in rubber prices in 2021 and 2022 is due to the impact of the Covid pandemic. , China's "closing" has had a negative impact on the rubber market. Entering the beginning of this year, many forecasts said that China's reopening would help rubber export prices recover. However, in the first 9 months of 2023, export rubber prices continue to decline.
Up to this point, many comments are still optimistic that rubber prices will grow again in the last quarter of the year and the beginning of 2024. Currently, oil prices are increasing, encouraging users to switch from synthetic rubber with from petroleum to using natural rubber. In the context of Vietnam's rubber exports falling to negative levels, optimistic signals in the main market, China, still rekindle the hopes of Vietnamese rubber exporters.
In the long term, with the advantage of low price and abundant rubber supply, Vietnam is always one of the three largest markets supplying rubber and rubber products to China. According to statistics from Trade Map, the price of rubber exported from Vietnam to China in 2022 is at 1,267 USD/ton, the lowest among the top 5 countries exporting natural rubber to China.
In 2022, Vietnam accounts for 13.1% of rubber and rubber products imported into China, being the second largest supplier, second only to Thailand with 28.3%. Particularly for natural rubber products, Vietnam is the 4th largest supplier, accounting for 10.2% market share.
Besides, the compatibility in rubber supply and demand between Vietnam and China is also an important factor to help increase export activities as well as rubber export turnover of our country in the coming time. Specifically, natural rubber and synthetic rubber are the two rubber product lines that account for the largest import market share of China with 28.2% and 63.3% of total imported rubber. Coincidentally, these are also the two main types of rubber exported by Vietnam with proportions of 27.6% and 53.9% respectively.
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