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| Thailand, Indonesia, China, Vietnam and Japan are the 5 largest markets supplying rubber to the RoK. (Photo: NDO) |
In these five largest supply markets, the RoK increased imports from Indonesia and China, but decreased imports from Thailand, Vietnam and Japan against the same period in 2022.
The Import-Export Department under the Ministry of Industry and Trade quoted statistics from the General Department of Customs as saying that in the first four months of 2023, Vietnam's rubber exports to the RoK reached 12,470 tons, worth USD18.92 million, up 5.6% in volume, but down 15% in value from the same period in 2022.
In the first 4 months of 2023, Vietnam exported to the RoK mainly natural rubber.
The average export prices of all kinds of rubber to the RoK in the first four months of 2023 mostly fell sharply compared to the same period in 2022.
In the first 4 months of 2023, Vietnam was the 4th largest rubber supplier to the RoK with 9.67 thousand tons, worth USD15.32 million, down 32.3% in volume and down 43.6% in value from the same period in 2022.
Vietnam's rubber market share accounted for 5.88% of the RoK's total rubber imports, down sharply from 8.36% in the first four months of 2022.
In the Korean market, Vietnam's rubber market share is shrinking compared to the same period in 2022, while the rubber market share of Indonesia, China, the Philippines, Cambodia and Germany increases over the same period in 2022.
On the world market, recently, the Association of Natural Rubber Producing Countries (ANRPC) has announced the statistical report on the global natural rubber market in April 2023. Accordingly, in April 2023, the global production of natural rubber reached 896,000 tons, up 1.5% compared to April 2022. Meanwhile, global demand for natural rubber increased by 2.5% compared to April 2022, to 1.241 million tons.
Therefore, the global market was short of about 345 thousand tons of natural rubber in April 2023. ANRPC forecasts that in 2023, the global rubber supply will continue to fall compared to demand./.