Vietnam's rubber industry has ample room to grow in the US

In April 2024, the United States was the tenth largest market for Vietnam's rubber exports, with both the quantity and value of rubber exports to this market increasing compared to April 2023.

According to statistics from the General Department of Vietnam Customs, in April 2024, Vietnam exported nearly 1.09 thousand tons of rubber to the US, valued at $ 1.87 million, an increase of 0.3% in quantity and 17.5% in value compared to April 2023.

Cumulatively, in the first four months of 2024, Vietnam's rubber exports to the United States reached nearly 7.46 thousand tons, valued at $ 11.7 million, an increase of 37.1% in quantity and 58.2% in value compared to the same period in 2023.

In recent times, rubber exports to the United States have rebounded, with Vietnam's market share in the US gradually improving. Despite this, Vietnam's rubber still holds a relatively small market share within the total US imports, indicating substantial potential for further export growth. Forecasts suggest that Vietnam's rubber exports to the United States will see favourable conditions in 2024.

During the first four months of 2024, Vietnam primarily exported natural rubber to the United States. Notably, Latex was the most exported type, accounting for 31% of the total rubber exports to the US, amounting to 2.31 thousand tons valued at $ 2.89 million. Although the quantity decreased by 7.3%, the value increased by 12.3% compared to the same period in 2023.

The second most exported type was SVR 3L, comprising 26.54% of the total exports to the U.S., with 1.98 thousand tons valued at $ 3.35 million, marking a substantial increase of 106.67% in quantity and 125.7% in value compared to the same period in 2023.

Ranking third was SVR CV60, making up 26.42% of the total exports to the U.S., with 1.97 thousand tons valued at $ 3.35 million, showing a slight decrease of 5% in quantity but an increase of 5.4% in value compared to the same period in 2023.

Additionally, the first four months of 2024 saw significant increases in both the quantity and value of certain rubber types exported to the US, such as RSS1 and SVR 5. However, exports of other types like SVR CV50, RSS3, and SVR 10 experienced notable declines compared to the same period in 2023.

Regarding export prices, the average export prices of various rubber types to the US in the first four months of 2024 increased compared to the same period in 2023. The most significant increases were seen in RSS1 (up 24.1%), Latex (up 21.1%), SVR 5 (up 16.7%), RSS3 (up 11.3%), and SVR CV60 (up 11%)...