Thursday, 04/01/2024 16:15 (GMT+7)
Vietnam exported about 2.14 million tons of rubber in 2023, worth 2.89 billion USD, a decrease of 0.04% in volume and of 12.7% in value compared to 2022, according to statistics of the Ministry of Industry and Trade’s Department of Import-Export.
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| Vietnam earns 2.89 billion USD from rubber exports in 2023 |
The average export price reached 1,350 USD per ton, down 12.7% compared to 2022.
In 2023, Vietnam’s rubber exports faced many difficulties due to a sharp decline in rubber export prices, so rubber export value is much lower than the same period last year. Meanwhile, the recovery of production activities in China is weaker than forecasts, causing both rubber consumption and selling prices to be low.
In 2023, rubber exports to most markets saw decline compared from the previous year, especially major markets such as India, the US, Germany, Taiwan (China), Turkey, Sri Lanka, Russia, Indonesia and Spain. However, exports to some markets still grew in volume such as China, the Republic of Korea, the Netherlands, Singapore and Czech Republic. Of which, China is Vietnam's largest rubber consuming market.
According to experts, in the coming time, Chinese demand will still be the key factor affecting rubber price developments in Vietnam. In addition, fluctuations in oil prices due to concerns about trade disruption at the Suez Canal will also indirectly affect rubber prices./.
BTA