According to estimates from Import-Export Department (Ministry of Industry and Trade), Vietnam's rubber exports in September 2024 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 is at 1,697 USD/ton, up 3.2% compared to August 2024 and up 30.3% compared to September 2023.
In the first 9 months of 2024, rubber exports reached about 1.37 million tons, worth 2.18 billion USD, down 2.2% in volume, but up 16.4% in value compared to the same period in 2023.
In September 2024, domestic rubber latex prices were adjusted to increase sharply following general trend of the world market. At some rubber companies, purchase price of raw rubber latex is currently maintained at around 395-435 VND/TSC, up about 29-37 VND/TSC compared to the end of last month.
Of which, Phu Rieng Rubber Company purchased at 395-435 VND/TSC, an increase of 35 VND/TSC compared to the end of last month. Mang Yang Rubber Company quoted a purchase price of 412-417 VND/TSC, an increase of 35-37 VND/TSC compared to the end of last month. Ba Ria Rubber Company purchased at 414-424 VND/TSC, an increase of 29 VND/TSC compared to the end of last month.
In the world market, in September 2024, rubber prices on key Asian exchanges continuously increased and reached new peaks due to support from unfavorable weather conditions in major production areas, raising concerns about supply shortages.
Recent super typhoon Yagi has seriously affected rubber production in Vietnam, China, Thailand and Malaysia, affecting supply of raw materials during the peak season. In China, super typhoon Yagi has caused relatively heavy damage to main rubber producing areas of Hainan Island such as Lingao and Chengmai. Hainan Rubber Group announced that about 230,000 hectares of rubber plantations were affected by the typhoon and the output of dry rubber is expected to decrease by about 18,000 tons.
Although rubber tapping has gradually resumed, rainy weather still affects release of raw materials, causing output shortages and processing factories to have difficulty collecting raw rubber.
Previously, Association of Natural Rubber Producing Countries (ANRPC) adjusted up its forecast for global rubber demand to 15.74 million tonnes; at the same time, it adjusted down its forecast for global natural rubber supply for the whole year to 14.50 million tonnes. This will cause global market to have a shortage of up to 1.24 million tonnes of natural rubber this year.
According to forecast, demand for rubber purchasing will increase at end of the year after customers forecast business situation for the following year. The second half of this year will be key time to determine rubber price fluctuations in the next 12 months (second half of 2024 - first half of 2025). Therefore, rubber prices will likely remain high from now until the first half of 2025.

Source: Vitic/ congthuong.vn