Citing statistics from the General Department of Customs, the Import-Export Department ( Ministry of Industry and Trade ) said that in the first 10 months of 2023, Vietnam's rubber exports to China reached 1.27 million tons, worth 1.68 billion USD, up 9.3% in volume, but down 7.1% in value compared to the same period in 2022.
The average export price of rubber to this market reached 1,319 USD/ton, down 15% over the same period in 2022.
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| In the first 10 months of 2023, Vietnam's rubber exports to China increased by 9.3% in volume, but decreased by 7.1% in value. Illustrative photo |
In the first 10 months of 2023, Vietnam exported to China mainly a mixture of natural rubber and synthetic rubber (HS code 400280), accounting for 84.89% in volume and 87.5% in value of total rubber exports to this market.
Coming in second is Latex, accounting for 9.7%, and SVR 3L, accounting for 1.25% of the total rubber exported to China in the first 10 months of 2023.
Also according to the Import-Export Department, in the first 10 months of 2023, the average export price of all rubber varieties to China decreased sharply compared to the same period in 2022. Of which, the sharpest decrease was RSS1 down 21.3%, followed by synthetic rubber down 19%; Latex down 18.7%; SVR CV60 down 16.8%; SVR 3L down 16.5%; SVR 10 down 16.1%...
In particular, the Import-Export Department noted that in the Chinese market, Vietnamese rubber must compete with rubber from Thailand, Malaysia, Ivory Coast, etc. Therefore, to boost rubber exports to this market, the Import-Export Department recommends that businesses diversify their products and designs, etc.
Along with that, businesses should proactively increase the proportion of processed rubber rather than raw rubber to increase export value. Rubber exports from now until the end of the year are expected to improve in both quantity and value.
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