Rubber exported from Vietnam to India nearly double in value
Vietnamese rubber exported to India in the first 9 months this year increased strongly in both volume and value, in which the value was nearly double that of last year.
In the first nine months of 2021, Vietnam is the fourth largest market to supply rubber to India with 69.14 thousand tons. Photo: TL.
According to the Department of Export and Import (the Ministry of Industry and Trade), in 2021, the demand for rubber of India rises strongly, that leads to a sharp increase in importing as the production capacity does not meet the demand.
Statistics of the Ministry of Trade of India shows that, in the first 9 months this year, India imported 867.41 thousand tons of rubber, valued at US$ 1.72 billion, up 41.2% in volume and 74% in value in comparison to the same period of last year.
Indonesia, South Korea, Malaysia, Vietnam and Thailand are the five biggest market providing rubber for India. The rubber import from these 5 markets increases sharply as of the same period of 2020.
In the first nine months of 2021, Vietnam is the fourth largest market to supply rubber to India with 69.14 thousand tons, worth US$ 132 million, up 46.5% in volume and 92.1% in value compared to the same period in 2020.
Vietnamese rubber accounted for 8% of India's total rubber imports, up from 7.7% in the same period in 2020.
In the first nine months of 2021, India imported 356.8 thousand tons of natural rubber, worth US$ 652.79 million, up 31.5% in volume and 66.7% in value over the same period last year.
In which, Vietnam is the second largest market supplying natural rubber to India with 67.87 thousand tons, worth US$ 129.24 million, up 44.8% in volume and 89.6% in value compared to the same period in 2020.
Vietnamese natural rubber accounted for a market share of 19% of India's total imports in the first nine months of 2021, up from 17.3% in the same period in 2020.
The main market structure supplying natural rubber to India in the first 9 months of 2021 has changed when the share of rubber market of Indonesia, Ivory Coast, Singapore in total imports of India decreased, while the market share of Vietnam, Malaysia and Thailand increased.
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