Vietnam's rubber export price set a 10-year record, becoming a sought-after product globally.
Vietnam's rubber industry in 2024 recorded outstanding results, with export prices hitting the highest level in more than a decade, despite reduced output. According to the General Department of Customs, Vietnam exports 2 million tons of rubber, down 6.2% compared to 2023. However, thanks to high selling prices, turnover has reached 3.4 billion USD, up 18.2%. compared to the same period last year.
In 2024, the average export rubber price will reach 1,701 USD/ton.
In 2024, the average export rubber price will reach 1,701 USD/ton, an increase of 26% (equivalent to 351 USD/ton) compared to 2023. This is the highest level in more than 10 years. Rubber prices increased thanks to global supply shortages and unfavorable weather conditions in major producing countries.
China is still the largest customer of Vietnamese rubber, accounting for 72.1% of total exports. Specifically, Vietnam exported 1.45 million tons of rubber to China with a value of 2.44 billion USD. Although volume decreased by 15.1%, export value increased by 7.6% thanks to higher selling prices. However, import demand in this market decreased due to large inventories and slow economic growth.
Although exports to China decreased, many other markets recorded strong increases. India, the second largest market, increased by 8.7% in volume and 35.2% in value. In Korea, export volume decreased by 15.5%, but value still increased by 5.1%.
Malaysia is a bright spot when imports from Vietnam increased by 433%, reaching 38,442 tons, with turnover increasing by 516% to 56.2 million USD. The average export price to this market reached 1,462 USD/ton, an increase of 15.4% compared to the previous year, although still the lowest among the top 10 rubber export markets of Vietnam.
Rubber output exported to Malaysia will increase sharply in 2024
Additionally, exports to the EU increased by 29% as European importers stocked up ahead of the Anti-Deforestation Regulation (EUDR) scheduled to take effect at the end of 2024. However, this regulation has been postponed Another year, opening up more opportunities for Vietnamese rubber.
In 2025, Vietnam's rubber industry is expected to continue to grow thanks to recovering demand from China and still limited global supply. According to the Association of Natural Rubber Producing Countries (ANRPC), rubber output in major producing countries such as Thailand, Indonesia and Malaysia has decreased sharply in the period 2019-2024, exacerbating the shortage. supply shortage.
Specifically, Thailand's natural rubber output decreased from 4.85 million tons (2019) to 4.7 million tons (2024). Indonesia decreased from 3.3 million tons to 2.5 million tons, while Malaysia decreased from 640,000 tons to 340,000 tons. These changes could push rubber prices even higher, bringing advantages to Vietnam's export industry.
