Rubber exports up 58 % in 7 months

Vietnam exported 634,995 tons of rubber to get US$1.1 billion in the first seven months of this year, up 12.2% in volume and 58.4% in value against the corresponding period last year, according to the General Department of Vietnam Customs.

In July alone, 151,138 tons of rubber were shipped abroad with a value of US$225.5 million, up 23.5% in volume and 19.8% in value.

Exports of rubber products in the first seven months of this year reached US$1.9 billion, up 3.7% against the same period last year.

China remained the largest importer of Vietnam rubber with 394,614 tons worth US$690.7 million, followed by Malaysia with 38,663 tons valued at US$61.3 million and India with 25,731 tons worth US$44.72 million.

The Association of Natural Rubber Producing Countries (ANRPC) said the world market now runs short of around 700,000 tons of natural rubber. However, it forecasts that the global shortage may reduce to 466,000 tons in September and 100,000 tons in December.

Meanwhile, on the domestic market, the Vietnam Rubber Association said most rubber companies in the Central Highlands lost around 2.5% of output in July after prolonged rains. Two storms and tropical depression occurred in July negatively affected their rubber tapping process.

Despite the shortage of supply, the price of natural rubber remained low and fell by 42.8% in June compared to January. The ANRPC president attributed the price decline to other factors like the currency, crude oil price and geopolitical tension, rather than supply and demand.