Best wishes for your business success
Best wishes for your business success
CHAPTER I: Export of Agricultural Commodities
I. Export of Agricultural Products,
2.2. Rubber Export In Vietnam
a) Export
According to statistics of the General Department of Vietnam Customs, Vietnam's natural rubber exports in 2022 will reach more than 2.1 million tons with an export value of more than 3.3 billion USD, up 9.7% in volume and 1.1% in value compared to 2021, although the average export unit price decreased by 7.8%. In 2022, China continues to be the leading market with natural rubber exports recording higher growth than in 2021 with volumes reaching more than 1.6 million tons (up 14.6%), worth nearly 2.4 billion USD (up 4.3%). India continued to hold the position of the second largest export market in 2022 with volumes of 117,822 tonnes, worth about USD 200 million, down 1.2% in volume and 5.8% in value compared to 2021.
In terms of type, mixed-rubber is still recorded as the category with the leading export market share with the volume reaching more than 1.3 million tons, worth more than 2 million USD, up 7.7% in volume but down 0.1% in value compared to 2021 and still mainly exported to China. In the remaining group of 5 major export natural rubber categories, the amount of LATEX (60% DRC) exported in 2022 grew strongly, reaching about 284.6 thousand tons (up 43.5% compared to 2021) with a value of about 323.4 million USD (up 30.4% compared to 2021). Next, SVR 10 exports accounted for the third market share with an estimated volume of 161,697 tons, up 4.1% compared to 2021, but turnover was estimated at 260.2 million USD, recording a decrease of 1.6% because the average export unit price for the year decreased by 5.4%.
b) Assessment
In early 2022, the rubber market continues the positive recovery trend of 2021 with fundamental factors such as: rubber supply and demand trend, oil price, rubber market are forecasted to be relatively favorable. The strengthening of the dollar may have an impact on limiting the recovery of rubber prices. However, since the start of the military conflict between Russia and Ukraine, inflation has risen sharply and spread across the globe. Besides, in 2022, China continues to stick to its "Zero Covid" policy. Therefore, despite fundamental factors such as high oil prices and the relatively balanced rubber supply and demand situation, the rubber market is still under continuous downward pressure, especially from August to the end of November. The average rubber price in 2022 will decrease significantly compared to 2021, but the average price is still higher than in 2020.
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