According to estimates from Import-Export Department (Ministry of Industry and Trade), Vietnam's rubber exports in September reached about 250,000 tonnes, worth 424 million USD, up 19.2% in volume and 23% in value compared to August 2024, up 29.2% in volume and 68.4% in value compared to September 2023.
Average export price of rubber was at 1,697 USD/tonne, up 3.2% compared to August and up 30.3% compared to the same period last year. In the first 9 months of 2024, Vietnam's total rubber exports reached about 1.37 million tonnes, worth 2.18 billion USD, down 2.2% in volume, but up 16.4% in value compared to the same period in 2023.
In terms of types, by the end of August, natural rubber and synthetic rubber mixtures (HS 400280) were still the most exported items, accounting for 54.81% of Vietnam's total rubber exports, reaching 615,060 tonnes, worth 964.92 million USD, down 24% in volume and down 12.2% in value compared to the same period in 2023.
Exports to China accounted for 99.66% of Vietnam's total natural rubber and synthetic rubber mixture exports, with 612,980 tonnes, worth 958.82 million USD, down 24.1% in volume and 12.4% in value compared to the same period in 2023.
In the first 8 months of the year, export of some rubber varieties grew well in both volume and value compared to the same period in 2023 such as: Latex, SVR 10, SVR 3L, SVR CV60, RSS3, SVR CV50, RSS1, recycled rubber, SVR 5, RSS4, Skim block...
However, exports of some rubber varieties still decreased compared to the same period in 2023, including: SVR 20, synthetic rubber, Crepe rubber...
According to statistics from General Department of Customs, in the first 8 months of 2024, China was still Vietnam's largest rubber export market, accounting for nearly 78% of Vietnam's total rubber exports, down 20% in volume and 8% in value compared to the same period in 2023.
While Vietnam's rubber exports to the Chinese market tend to decrease, other markets have increased sharply. In particular, Malaysian market has grown in both volume and turnover.
Specifically, in August, rubber exports to Malaysia increased by 578% in volume and 550% in turnover. Since the beginning of the year, Vietnam has exported 11,600 tonnes of rubber to this market, worth 16 million USD, up 178% in volume and 194% in turnover. Average export price reached 1,374 USD/tonne, up nearly 6% over the same period.
While Vietnam's rubber industry mainly relies on exporting raw materials. In contrast, Malaysia focuses on producing and exporting rubber products instead of raw rubber and semi-finished products.
Currently, Malaysia has more than 190 enterprises producing rubber products for medical sector with a wide range of products such as rubber gloves, breathing bags, medical tubes, etc. Malaysian medical rubber products are of high quality and are exported to more than 130 countries.
Bright spot of rubber exports this year is high price compared to last year, thereby opening up prospects for growth in export turnover for the Vietnamese rubber industry.
According to the Vietnam Rubber Association (VRA), although Vietnam's rubber export output has decreased significantly, the export turnover has still increased because the rubber export price has always been high in recent times.
Global rubber market is forecast to have a shortage of up to 1.24 million tons of natural rubber this year, higher than the 1.12 million tonnes forecast by the association in May 2024. Concerns about supply shortages in the market, especially the shrinking production in major exporting countries, including Vietnam, have caused world and domestic rubber prices to increase since the beginning of the year.

Source: Vitic/ congthuong.vn