Vietnam is the 4th largest rubber supplier to Korea in the first 2 months of 2023, the share of Korea's total imports decreased.
The Import-Export Department (Ministry of Industry and Trade) quoted statistics from the General Department of Customs as saying that in the first two months of 2023, Vietnam's rubber exports to South Korea reached 5.08 thousand tons, worth 8.02 million tons. million USD, down 16.5% in volume and 29.6% in value over the same period in 2022; The average export price of rubber to this market reached US$1,576/ton, down 15.7% over the same period in 2022.
In the first 2 months of 2023, Vietnam exported mainly natural rubber to the Korean market. In which, the SVR CV60 type was exported the most to Korea, accounting for 39.35% of the total amount of rubber exported to Korea in the first 2 months of 2023. The second category was SVR 10, accounting for 29.83%. and SVR 3L accounted for 22.01% of total rubber exports to Korea in the first 2 months of 2023.
The average export price of all kinds of rubber to Korea in the first 2 months of 2023 mostly decreased compared to the same period in 2022, of which the biggest decrease was SVR 10, down 19.4%; SVR CV60 down 19%; SVR 20 down 18.6%…
According to statistics of the Korean Customs, in the first two months of 2023, Korea imported 85.23 thousand tons of rubber (HS: 4001, 4002, 4003, 4005), worth USD 162.88 million, increased by 1.3% in volume, but decreased by 7.7% in value over the same period in 2022. In which, Thailand, Indonesia, China, Vietnam and the Philippines are the 5 largest markets supplying rubber to Korea.
Except for Thailand and Vietnam, Korea's rubber imports from these markets increased in both volume and value over the same period in 2022.
In the first 2 months of 2023, Vietnam is the 4th largest rubber supplier to Korea with 4.69 thousand tons, worth 7.32 million USD, down 42.9% in volume and 52.2% down. in value over the same period in 2022. Vietnam's rubber market share accounted for 5.51% of Korea's total rubber imports, down from 9.77% in the first two months of 2022.
The data shows that, in the Korean market, Vietnam's rubber market share is shrinking, while the rubber market share of Indonesia, China, the Philippines, Cambodia, Singapore... tends to increase over the same period. year 2022.
In the Korean market, Vietnam's rubber has to compete with Thai and Indonesian rubber. Therefore, the Import-Export Department recommends, businesses need to diversify products to meet the needs of the Korean market to boost exports to this market.
