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Rubber exports reached a record in 2022

By the end of the year 2022, Vietnam's rubber exports had reached a staggering 2.1 million tons and earned more than $3.3 billion, which represents the highest export volume and value for this commodity since 2017.

Despite the many difficulties faced throughout the year, the rubber export industry in Vietnam still managed to experience strong growth when compared to the previous year, the Import and Export Department (Ministry of Industry and Trade) said.

According to statistics from the General Department of Customs, Vietnam exported 2.14 million tons of rubber in 2022, with a value of $3.3 billion. This represents an increase of 9.7% in volume and more than 1% in value when compared to the previous year. This performance has made 2022 the year with the highest rubber export in the last five years in terms of both volume and value.

The average export price of Vietnam's rubber in 2022 was recorded at $1,546 per ton, which represents a decrease of 7.8% when compared to the previous year.

China continues to be the leading market for Vietnam's rubber consumption, accounting for 74.62% of the country's total rubber exports. In 2022, Vietnam exported 1.6 million tons of rubber to China, worth $2.38 billion, which represents an increase of 14.6% in volume and 4.3% in value compared to the previous year. The average export price to this market reached $1,490 per ton, a decrease of 9% compared to 2021.

In addition to China, rubber exports to some major markets also experienced growth in both volume and value compared to 2021, notably Russia, Brazil, and Malaysia. However, exports to some other markets still declined, such as India, Korea, the United States, Taiwan, and Germany.

In the coming time, China's lifting of most restrictive measures on COVID-19 and opening of the border will present a good opportunity for rubber exports to recover, as import demand from the US and China is expected to increase in the near future.

Regarding the price of raw rubber latex, from the beginning of January 2023 up to now, the price has fluctuated unevenly. In Binh Phuoc, the price tended to decrease, while it increased in Dong Nai and remained stable in Gia Lai. For example, the price of raw rubber latex purchased by Phu Rieng Rubber Company in Binh Phuoc was at 270-280 VND/TSC, a decrease of 5 VND/TSC compared to the end of December 2022.

Meanwhile, in Binh Duong, the purchasing price of raw rubber latex of Phuoc Hoa Rubber Company was kept at 281-283 VND/TSC, an increase of 8-10 VND/TSC compared to the end of last month. And in Gia Lai, the price of raw rubber latex was purchased by Mang Yang Rubber Company for 230-240 VND/TSC, remained stable compared to the end of December 2022.

The Vietnam Rubber Industry Group (VRG) said that in 2022, the Group's rubber output reached 429,852 tons, an increase of 7% compared to 2021. The consumption reached 501,322 tons and purchasing reached 80,150 tons. VRG sets out a plan in 2023 with a rubber output of about 425,000 tons and consumption of 500,000 tons.

(Enterprise & Business)

Rubber Industry Report - December 2022


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