Vietnam's rubber exports still have many prospects, but exports to the United States are facing competition from many markets such as Indonesia, Thailand...
Rubber exports reached 1.87 million tons in 11 months
The latest issue of the Agriculture - Forestry - Fisheries market newsletter of the Import-Export Department (Ministry of Industry and Trade) said that in the first 11 months of 2023, Vietnam's rubber exports reached 1.87 million tons, worth 2. 51 billion USD, up 0.01% in volume, but down 14.7% in value over the same period in 2022. The average rubber export price reached 1,344 USD/ton, down 14.7% over the same period 2022.
Notably, in the past 11 months, Vietnam's exported rubber types were mainly a mixture of 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 67.54% in volume and 68.87% in value. of the country's total rubber exports.
China is the largest import market for natural rubber and synthetic rubber mixtures, accounting for 99.79% in volume and 99.65% in value of the total mixture of natural rubber and synthetic rubber. nationwide.
Rubber export turnover will hardly reach the target of 3.5 billion USD as planned and will only stop at 3 billion USD
However, according to the Import-Export Department, in the first 11 months of 2023, many types of rubber exports will still decline in both volume and value compared to the same period in 2022. However, the export of some types of rubber will still decrease. still growing well in volume compared to the same period in 2022, such as: SVR CV60, recycled rubber, RSS1, RSS4, SVR CV40...
Information about export rubber prices, the Import-Export Department said that in the first 11 months of 2023, the average export price of all types of rubber decreased sharply compared to the same period in 2022, of which the sharpest decrease was Skim block. decreased by 24.7%; mixed rubber (HS: 4005) decreased by 24.6%; RSS3 decreased by 18.8%; Latex decreased by 17.8%; SVR 10 decreased by 17.6%; SVR CV50 decreased by 16.3%; RSS1 decreased 15.6%...
In general, for the first 11 months of 2023, rubber exports to most markets still decline compared to the same period last year, especially large markets such as India, the United States, Germany, Taiwan, Turkey, Sri Lanka, Russia, Indonesia, Spain... On the contrary, rubber exports to some markets still grow well in volume compared to the same period in 2022 such as: China, Korea, Netherlands, Singapore, Republic of Czech...
Vietnamese rubber is under pressure from many markets
According to statistics from the US International Trade Commission, in the 10 months of 2023, the United States imported 1.43 million tons of rubber in HS codes: 4001, 4002, 4003, 4005 with a value of 2.93 billion USD, down 17.7% in volume and 27.6% in value compared to the same period in 2022.
Of which, Indonesia, Thailand, Canada, Korea and Ivory Coast are the 5 largest markets supplying rubber to the United States in the first 10 months of 2023. Except for Canada, the amount of rubber imported by the United States from these markets is These are all down compared to the same period in 2022.
Data from the General Department of Vietnam Customs also shows that in the first 10 months of 2023, Vietnam is the 13th largest rubber supply market to the United States with 20.37 thousand tons, worth 28.99 million USD, a decrease 29.4% in volume and down 43.1% in value compared to the same period in 2022. Vietnam's rubber market share in total US rubber imports accounts for 1.42%, down from 1. 66% of 10 months 2022.
“In the first 10 months of 2023, Vietnam's rubber exports to the United States are subject to competition from many markets, especially from Indonesia (accounting for 25.13% of total US rubber imports) and Thailand (accounting for 25.13% of total US rubber imports) and Thailand (accounting for 25.13% of total US rubber imports) and Thailand (accounting for 25.13% of total US rubber imports). accounting for 14.28% of the total rubber imports of the United States)" - Information from the Import-Export Department.
Also according to the Import-Export Department, in the first 10 months of 2023, US natural rubber imports account for 50.66%; Synthetic rubber accounts for 32.37% of the total imported rubber. The remainder is recycled rubber and mixed rubber.
In the first 10 months of 2023, the United States imported 724.94 thousand tons of natural rubber (HS 4001), worth 1.14 billion USD, down 21.2% in volume and 36.8% in value compared to the same period in 2022. Indonesia, Thailand, Ivory Coast, Liberia and Vietnam are the 5 largest markets supplying natural rubber to the United States in the first 10 months of 2023.
“Vietnam is the 5th largest natural rubber supply market for the United States, with 20.36 thousand tons, worth 28.87 million USD, down 29.3% in volume and 42.9% in value. compared to the same period in 2022" - The Import-Export Department informed and said that Vietnam's natural rubber market share in total US imports accounts for 2.81%, down from 3.13% of May 10, 2022.
Faced with clear advantages and needs, the Vietnam Rubber Association recommends that rubber exporting enterprises need to have a strategy to increase the proportion of processed rubber rather than raw rubber to increase export value. However, it is forecasted that rubber export turnover will hardly reach the target of 3.5 billion USD as planned at the beginning of the year and will only stop at 3 billion USD.
