Despite being heavily affected by the COVID-19 epidemic and the world economy facing many difficulties, Vietnam's rubber exports, as estimated by the Import-Export Department, reached about 2.14 million tons, worth 3.31 billion VND. USD, up 9.6% in volume and 1.1% in value compared to 2021.
However, the average export price of rubber reached 1,547 USD/ton, down 7.8% compared to 2021.
According to statistics of the General Department of Customs, in the 11 months of 2022, Vietnam's rubber exports reached 1.87 million tons, worth nearly 2.95 billion USD, up 9.8% in volume and up 3 .5% in value over the same period in 2021, thanks to the recovery of global rubber demand. However, in the face of high USD exchange rate fluctuations, while rubber latex prices were low in the last few months of the year, the correlation between rubber production costs and selling prices was unbalanced.
China is still the largest rubber importer of Vietnam. Vietnam is also the second largest rubber supplier to China, after Thailand.
Regarding export markets: In the first 11 months of 2022, Vietnam's rubber is mainly exported to Asia, accounting for 90.6% of the country's total rubber export value. In 11 months of 2022, rubber exports to Asia reached 1.7 million tons, worth 2.67 billion USD, up 12.9% in volume and 6.6% in value over the same period last year. 2021.
In general, in the first 11 months of 2022, Vietnam's rubber exports to most markets have grown well compared to the same period in 2021. In which, China is still the largest market for Vietnam's rubber consumption. South, with 1.37 million tons, worth 2.08 billion USD, up 14% in volume and 6.3% in value over the same period in 2021, accounting for 70.8% of total high export value rubber of the whole country. India ranked second with 113.99 thousand tons, worth $194.95 million, up 8.8% in volume and 4.5% in value over the same period in 2021, accounting for 6.6% of the year. total rubber export value of the country in 11 months of 2022.
In terms of categories: In the first 11 months of 2022, the export of most types of rubber grew well compared to the same period in 2021. However, Vietnam still mainly exports natural rubber and mainly exports to Chinese market.
In the first 11 months of 2022, a mixture of natural rubber and synthetic rubber (HS 400280) is the most exported item, accounting for 59.9% of the country's total rubber exports, with nearly 1.12 thousand tons, worth over US$1.76 billion, up 5.6% in volume and 0.7% in value over the same period in 2021. In which, exports to China accounted for 99.8% of the total. export volume of natural rubber and synthetic rubber of the country, with 1.11 million tons, worth 1.76 billion USD, up 6% in volume and 1% in value over the same period last year 2021.
Regarding export prices: In the first 11 months of 2022, the average export prices of most rubber types are in a downward trend compared to the same period in 2021. In recent months, rubber prices have continuously decreased sharply, dragging down export prices. According to the export price of all kinds of rubber, the price of rubber has also continuously decreased, especially in November 2022, the price has dropped to the lowest level since the beginning of 2022, and at the same time, the lowest level in nearly two years due to excess supply.
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