China is still Vietnam's largest rubber export market

According to the Import-Export Department (Ministry of Industry and Trade), in the first 6 months of 2024, China is still Vietnam's largest rubber export market, but the amount of rubber exported to this market decreased compared to the same period in 2023.

Statistics from the General Department of Vietnam Customs show that in the first 6 months of 2024, Vietnam exported more than 489 thousand tons of rubber to China, reaching nearly 718 million USD, down 16% in volume and 8% in value compared to the same period in 2023.

Rubber exports to China accounted for 67.35% in volume and 64.8% in value of the country's total rubber exports in the first 6 months of 2024.

China's rubber demand may be affected in the coming time as the EU has imposed a 37.6% tax on electric vehicles imported from this country since July 5.

Experts predict that the higher temporary tariffs will reduce China’s electric vehicle imports by 42%. In addition, electric vehicle prices could increase by an average of 0.3-0.9% in the EU. If China’s electric vehicle exports are affected, China’s demand for rubber imports to produce tires will also decrease accordingly.

In the first 6 months of 2024, Vietnam exported to China mainly a mixture of natural rubber and synthetic rubber (HS 400280), accounting for 80.9% in volume and 83.02% in value of total rubber exports to this market, with nearly 396 thousand tons, reaching 596 million USD, down 21.6% in volume and down 13.7% in value compared to the same period in 2023.

Latex ranked second, accounting for 12.88% in volume and 10.21% in value of total rubber exports to the Chinese market, with more than 63 thousand tons, worth more than 73 million USD, up 39.8% in volume and 66.2% in value over the same period in 2023.

Also in the first half of 2024, the export volume and value of some rubber varieties to China increased compared to the same period in 2023 such as: Recycled rubber, SVR CV60, SVR 5, SVR 20, RSS1, etc. However, the export of some varieties such as: SVR 3L, SVR 10, RSS3, SVR CV50 still decreased sharply compared to the same period in 2023.

The average export price of all rubber varieties to China in the first 6 months of 2024 all increased compared to the same period in 2023, of which the strongest increase was SVR 20 up 19.3%; Latex up 18.9%; SVR CV60 up 15.5%; Recycled rubber up 14.7%; SVR 5 up 14%; SVR 10 up 13.4%, etc.