Rubber export to face difficulties toward year-end
Sunday, 06/11/2022 09:06 (GMT+7)
Difficulties for Vietnam's rubber export remain in the fourth quarter as the US dollar has entered a bullish cycle as a haven against inflation, said the Ministry of Industry and Trade’s Department of Import-Export Management.
| Processing rubber for export at the factory of Phu Rieng Rubber Co. Ltd in Binh Phuoc province. (Photo: VNA)
According to experts, latex prices tend to go down when the US dollar is appreciating. Moreover, prolonged heavy rains in the peak harvest time this year also impacted latex output.
The department quoted data from the General Departments of Customs as saying that Vietnam exported 609,170 tonnes of rubber worth 930.86 million USD in the third quarter, up 6% in volume but down 1.8% in value on an annual basis due to falling prices.
China remained the biggest importer of Vietnamese rubber with 453,060 tonnes valued at 669.14 million USD, up 10.4% in volume and 0.5% in value year-on-year. It accounted for 70.2% of Vietnam’s total rubber export value.
India came second with 42,040 tonnes worth 69.64 million USD, marking an annual increase of 25.1% in volume and 18.3% in value./.
CPV (Source: VNA)