Vietnam's rubber exports reach 1.7 billion USD in eight months

A worker extracts rubber latex. Vietnam exported about 1.12 million tonnes of rubber worth 1.76 billion USD during the first eight months of 2024. (Photo: VNA)

With this result, the whole year's turnover is forecast to hit 3 - 3.5 billion USD, equivalent to an increase of 200 - 400 million USD compared to last year.

The export volume stood at 209,726 tonnes in August to bring home nearly 345 million USD, up 12.7% in volume and 12% in value compared to the previous month, according to the General Department of Customs.

The average export price was 1,637 USD per tonne, falling about 1.1% month-on-month but rising some 26.8% year-on-year.

During the first eight months, about 1.12 million tonnes of rubber worth 1.76 billion USD was shipped abroad, down 7.2% in volume but up 8.4% in value year-on-year.

The country currently has a latex output of 1.3 million tonnes per year from 910,000 hectares of rubber plantations, reported the Vietnam Rubber Association.

Every year, more than 300,000 tonnes of rubber are used in processing and manufacturing, leaving a large amount of raw material for export. This has opened up considerable export potential for the local industry, especially in the context of possible global supply shortages in the 2024 - 2025 period./.