Exports of Vietnamese rubber in ten months reach over USD 2.52 billion

According to statistics from the General Department of Customs, in October 2024, Vietnam exported nearly 225,000 tons of rubber, valued at over USD 429 million, representing a 3% increase in volume and a 46% increase in value year-on-year. This marked the second consecutive month of rising rubber exports compared to the same period last year. 

In total, Vietnam exported 1.54 million tons of rubber, valued at over USD 2.52 billion, in the first ten months of 2024. This reflects a 4.9% decrease in volume but a 16.4% increase in value compared to the same period in 2023.

The prices of rubber exports continued to increase rapidly. The average export price of rubber in October 2024 was USD 1,907 per ton, a 10.2% increase from September 2024 and a 41.7% increase from October 2023. The average export price increased by 22.4% compared to the same period in 2023, reaching USD 1,638 per ton over the first 10 months.

In October 2024, China continued to be Vietnam's largest rubber export market, accounting for 77.4% of total exports. Total exports totaled over 174,000 tons, with a value exceed USD 332 million. Compared to October 2023, this indicates a 38.1% increase in value, despite a 3.2% decrease in volume. The average export price to China was USD 1,908 per ton, representing a 10.7% increase from September 2024 and a 42.7% increase from October 2023.

Vietnam exported 1.06 million tons of rubber to China in the first 10 months of 2024, with a cumulative value of USD 1.7 billion. This represents a 16.8% decrease in volume but a 1.5% increase in value when compared to the same period in 2023.

In comparison to the same period in 2023, rubber exports to Malaysia experienced a remarkable growth of 349.4% in volume and 404.6% in value, reaching 24,800 tons valued at over USD 35 million.

According to data, rubber export markets underwent a substantial transformation in the initial ten months of 2024. Although exports to China, South Korea, the Netherlands, Argentina, and the Czech Republic experienced a decline, there were considerable increases in exports to markets including Malaysia, India, the United States, Indonesia, Germany, Taiwan, Russia, Sri Lanka, Brazil, Spain, France, and Italy.

Vietnam produces approximately 1.3 million kilograms of latex annually, with approximately 910,000 hectares of rubber plantations, according to the Vietnam Rubber Association (VRA). The rubber industry intends to surpass the USD 400–600 million the gains of USD 3.3–3.5 billion in 2023 by achieving this figure.