Rubber export value rises 14%
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Vietnam exported 499,000 tons of rubber for $743 million in the first 4 months of this year, up 6.4% in volume and 14% in value.
China remained the largest consumer of Vietnamese rubber, accounting for 80% of the country’s total export volume, followed by India.
The association said that with the recovery of the global automobile and tyre industries, especially in China, Vietnam’s rubber exports will likely enjoy favorable conditions and are expected to surge in the second quarter.
The association’s general secretary Vo Hoang An said there remained room for Vietnam to increase its exports of rubber materials, as the country can produce 1.3 million tons of rubber latex annually but the local rubber processing sector only needs over 300,000 tons.
Under a strategy to develop plant cultivation through 2030, rubber yield will be raised to 1.8-2 tons per hectare.
According to figures from the General Department of Customs, Vietnam exported 2.14 million tons of rubber last year, earning $2.89 billion. The figures represented a year-on-year increase of 0.04% in volume but a decline of 12.7% in value.
Rubber exports are forecast to reach US$3.3-3.5 billion this year, said the Vietnam Rubber Association.
Questions & Answers
Q.Which country is the primary buyer of Vietnamese rubber, and what proportion does it account for?
Which country is the primary buyer of Vietnamese rubber, and what proportion does it account for?
China is the main consumer, purchasing 80% of Vietnam's total rubber export volume. India follows as the next largest market for these exports.
Q.What is the anticipated value of Vietnam's rubber exports for the entire year?
What is the anticipated value of Vietnam's rubber exports for the entire year?
The Vietnam Rubber Association forecasts that rubber exports will reach between US$3.3 billion and US$3.5 billion this year. This would represent an increase from the previous year's total.
Q.Why does Vietnam have capacity to increase its rubber exports?
Why does Vietnam have capacity to increase its rubber exports?
Vietnam produces 1.3 million tons of rubber latex annually, but its local processing sector only requires just over 300,000 tons. This leaves a significant surplus available for export as raw materials.
Q.How did last year's rubber export figures compare to the current year's performance in terms of volume and value?
How did last year's rubber export figures compare to the current year's performance in terms of volume and value?
Last year, Vietnam exported 2.14 million tons of rubber for $2.89 billion. While volume increased slightly by 0.04%, the value saw a decline of 12.7% compared to the year before.
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