Overall in 2023, Vietnam exported 2.14 million tons of rubber, valued at $2.89 billion, a decrease of 0.1% in volume and 12.8% in value compared to 2022. The exports to China increased by 6.6% in volume.
According to the Import-Export Department (Ministry of Industry and Trade) and the Industrial and Commercial Information Center, from the beginning of January 2024 until now, the price of raw rubber latex in many provinces and cities across the country has remained stable compared to the end of 2023.
Domestic rubber purchase prices at the beginning of January 2024 remain stable. At rubber companies, the purchase price for raw rubber latex remains around 270-305 VND/kg of Dry Rubber Content (DRC). Specifically, Phu Rieng Rubber Company maintains the purchase price at 285-305 VND/kg of DRC, stable compared to the end of the previous month. Binh Long Rubber Company maintains the purchase price at 285-295 VND/kg of DRC. Ba Ria Rubber Company maintains the purchase price at 283-293 VND/kg of DRC. Mang Yang Rubber Company maintains the purchase price at 270-278 VND/kg of DRC, stable compared to the end of the previous month.
According to the Ministry of Agriculture and Rural Development, in 2023, the rubber tree area nationwide reached 910.2 thousand hectares, a decrease of 8.4 thousand hectares compared to 2022; the output of dry rubber latex reached 1.29 million tons, a decrease of 46.2 thousand tons compared to 2022.
Statistics from the General Department of Customs show that in 2023, Vietnam exported 2.14 million tons of rubber, valued at $2.89 billion, a decrease of 0.1% in volume and 12.8% in value compared to 2022.
Regarding export prices, the export price of rubber in 2023 decreased significantly compared to 2022, averaging $1,350 per ton, a decrease of 12.7% compared to the average export price in 2022.
China continues to be Vietnam’s largest rubber export market. In 2023, China remained the largest rubber export market for Vietnam, accounting for 79.63% of the volume and 78.52% of the value in the country’s total rubber exports, reaching 1.7 million tons, valued at $2.27 billion, an increase of 6.6% in volume but a decrease of 4.8% in value compared to 2022. The average export price of rubber to this market was $1,331 per ton, a decrease of 10.7% compared to 2022.
Overall, in 2023, Vietnam’s rubber exports to major markets decreased compared to 2022, especially to major markets such as India, the United States, Germany, Taiwan (China), Turkey, Russia, Indonesia, Sri Lanka, Japan, and Spain. However, exports to some markets still showed good growth in volume, such as China, South Korea, the Netherlands, Singapore, and the Czech Republic.
2024 is forecasted to be another challenging year with many difficulties and challenges in the international market, with China’s demand remaining a key factor affecting Vietnam’s rubber export activities. In addition, unfavorable changes in weather, markets, and rubber prices will cause unpredictable fluctuations.
