In the fourth quarter of this year, Vietnam's rubber exports are still facing difficulties because the USD has entered a bullish cycle as a haven against inflation. At the same time, heavy rain persists in the peak season, so it affects the yield of harvested rubber.
The Import-Export Department (Ministry of Industry and Trade) said that according to calculations from statistics of the General Department of Customs, in the third quarter of 2022, Vietnam's rubber exports reached 609.2 thousand tons, worth 930.8 million USD, up 6% in volume, but down 1.8% in value over the same period in 2021.
Vietnam's rubber exports in the third quarter continued to grow compared to the same period in 2021 thanks to the recovery of global rubber consumption demand, but the value still decreased due to a sharp drop in rubber prices.
In the third quarter, Vietnam's rubber was mainly exported to Asia, accounting for nearly 90% of the country's total rubber export value, with the export volume reaching 549 thousand tons, worth 836 million USD. increased by more than 9% in volume and more than 1% in value over the same period in 2021.
Calculation from the data of the General Department of Customs
In the third quarter, Vietnam's rubber exports to most markets grew well compared to the same period in 2021. In which, China is still the largest market for Vietnam's rubber consumption, with 453 thousand tons, worth $669 million, up 10.4% in volume and 0.5% in value over the same period in 2021, accounting for 70.2% of the country's total rubber export value.
Ranked second is exports to India with 42 thousand tons, worth 69.6 million USD, up 25% in volume and 18.3% in value over the same period in 2021, accounting for 6.2% of the total. rubber export value of the country in the third quarter of 2022.
According to the Import-Export Department, in the fourth quarter, Vietnam's rubber exports are forecast to still face difficulties because the dollar has entered a bullish cycle as a haven against inflation. Since basic commodities are denominated in USD, a strong USD increase will depreciate the value of these commodities. Rubber is no exception when the price of latex has decreased during the period when the USD has increased strongly.
On the other hand, the risk of the rubber industry is that heavy rain lasts in the peak season, which affects the output of harvested latex. The La Nina phenomenon continues for the third year in a row in 2022, increasing the frequency and amount of rain, thereby negatively affecting the harvesting and production of rubber latex of enterprises.
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