Rubber exports to the United States have increased significantly

According to the Department of Export-Import under the Ministry of Industry and Trade, in October, the United States became Vietnam's fourth-largest rubber export market. Both the volume and value of rubber exports to this market have seen impressive growth compared to the same period in 2023.

Specifically, in October 2024, Vietnam exported more than 4,000 tons of rubber to the United States, valued at nearly 8 million USD. This represents a 22% increase in volume and a 29% increase in value compared to September 2024. When compared to October 2023, these figures show a remarkable rise of 44% in volume and a substantial 98% increase in value.

In total, from January to October 2024, Vietnam’s rubber exports to the United States amounted to over 24.000 tons, worth 42 million USD. This marks an impressive 19% growth in volume and a 79% increase in value over the same period in 2023.

Vietnam's rubber exports to the United States are primarily composed of natural rubber. Among the different types, Latex is the leading variety, accounting for 32% of the total rubber exports to the U.S. In October, nearly 8.000 tons of Latex rubber were exported, valued at approximately 10 million USD. This represents a significant growth of 78% in volume and an even more impressive 124% increase in value compared to the same period in 2023.

The second most exported type is SVR CV60, which makes up 27% of total rubber exports to the U.S. During the same period, nearly 7.000 tons of SVR CV60 rubber were shipped, with a total value of 12 million USD. This shows a notable 45% increase in volume and an 82% rise in value compared to the same period last year. Following closely in third place is SVR 3L, which represents 26% of the total rubber exports to the U.S. In October, Vietnam exported approximately 6.000 tons of SVR 3L rubber, valued at 12 million USD. This marks a more modest but still impressive 20% increase in volume and a 51% increase in value over the same period in 2023.

Additionally, according to information from the U.S. International Trade Commission, for the first nine months of 2024, Vietnam has become the 13th largest supplier of rubber to the United States, with exports totaling over 19.000 tons, worth 32 million USD. This represents a 21% increase in volume and a 40% increase in value compared to the same period in 2023. As a result, Vietnam's market share in the overall U.S. rubber import market has risen to 1.47%, up from 1.26% during the first nine months of 2023.

In terms of natural rubber, Vietnam is the 6th largest supplier to the United States in the first nine months of 2024, with over 19.000 tons, valued at 31.95 million USD. This represents a 21% increase in volume and a 40% increase in value compared to the same period in 2023. Vietnam’s share of the U.S. natural rubber import market stands at 2.97%, up from 2.51% during the first nine months of 2023.

The Department of Export-Import notes that, recently, exports of rubber to the United States have rebounded, and Vietnam’s market share in the U.S. has gradually improved. However, it still accounts for a relatively small share of the total rubber imports into the U.S. Therefore, there is still significant room for growth in Vietnam’s rubber exports to this market. It is forecasted that Vietnam’s rubber exports to the United States will perform even better in the final months of 2024.

However, Vietnam’s rubber exports to the United States currently face several challenges. The competition in both production volume and quality from other major suppliers remains a significant hurdle for Vietnamese rubber exporters.

To boost rubber exports to the U.S., Vietnamese businesses need to focus on further developing the industry in a more sustainable direction. This includes expanding the area of rubber plantations certified for sustainable forest management.

Additionally, exporters must be mindful of the strict technical barriers imposed by the U.S. market to avoid having shipments returned due to non-compliance with the import regulations.