AsemconnectVietnam - In the first quarter of 2023, Vietnam’s rubber exports decreased by 2.6% in volume and 22.9% in value over the same period last year. It is quite unusual for rubber export price to decrease in the first months of the year.

The Import-Export Department (under the Ministry of Industry and Trade) cited the data from the General Department of Customs, it is estimated that Vietnam's rubber exports in March of 2023 reached about 130,000 tonnes, worth of 184 million USD, down by 0.8% in volume and 0.6% in value compared to February of 2023. In comparison to March of 2022, the figure increased by 15.7% in volume, but decreased by 9.2% in value.
The average rubber export price was at 1,414 USD/tonne, up by 0.2% compared to February of 2023, but down by 21.5% compared to March of 2022.
In the first 3 months of 2023, the country’s rubber exports were estimated at 396,000 tonnes, worth of 552 million USD, down by 2.6% in volume and 22.9% in value over the same period of 2022.
The types of rubber exported from Vietnam are mainly a mixture of natural rubber and synthetic rubber (HS 400280), Latex, SVR 10, SVR 3L, SVR CV60, RSS3, etc. In which, the mixture of natural rubber and synthetic rubber (HS 400280) is still the most exported product.
Regarding the export markets, China currently accounts for 99.71% of the total amount of mixed natural and synthetic rubber exports of Vietnam.
In the first quarter of 2023, most types of rubber exports decreased in both volume and value compared to the same period of 2022. However, the exports of some types of rubber still grew well in both volume and value compared to the same period of 2022, of which notably: synthetic rubber, RSS1, SVR CV40, etc., but these categories only account for a small proportion of Vietnam's total rubber exports.
In the domestic market, in March of 2023, the price of raw rubber latex continued to remain around 230 - 288 VND/TSC. In which, in Binh Phuoc, the price of raw rubber latex purchased by Phu Rieng Rubber Company was at 270 - 280 VND/TSC. In Binh Duong, the purchasing price of raw rubber latex of Phuoc Hoa Rubber Company fluctuates at 286 - 288 VND/TSC. Latex in Gia Lai was purchased by Mang Yang Rubber Company for 230 - 240 VND/TSC, stable compared to the end of February of 2023.
In the world market, in March of 2023, the rubber price at Asian exchanges tended to decrease compared to the previous month. At the Osaka Commodity Exchange (OSE) Japan, RSS3 rubber price fell to 195.8 yen/kg, the lowest level of the month on March 20, 2023, after that, the rubber price tended to increase again but still lower than at the end of last month.
At the Shanghai Commodity Futures Exchange (SHFE), after falling to 11,575 yuan/tonne, the lowest level of the month on March 20, 2023, rubber prices increased slightly again, but still decreased compared to the end of the month before.
In Thailand, RSS3 rubber prices fluctuated strongly, falling to 52 Baht/kg on March 20, 2023, then the price tended to increase again, but still decreased compared to the end of last month.
Usually, the first months of the year are the dry season, rubber plantations stop tapping rubber, the supply decreases, so rubber prices often increase in the first quarter of the year. However, this year the decrease in export prices of rubber in the first months of the year was quite unusual compared to the previous years.
CK
Source: VITIC/congthuong.vn