Vietnam rubber exports hit $1.7B in 8 months

Vietnam exported 1.12 million tons of rubber worth US$1.76 billion in the first eight months of 2024, customs data show.

This marked a 7.2% year-on-year decline in volume but a 8.4% growth in value from the same period last year, according to the General Department of Customs.

Vietnam shipped out 209,726 tons of rubber worth nearly $345 million in August alone, up 12.7% in volume and 12% in value from the previous month.

The average export price was $1,637 per ton, a 1.1% month-on-month decrease but up 26.8% from a year ago.

Rubber exports are forecast to reach $3-3.5 billion this year, a $200-400 million increase from 2023.

The country currently has a latex output of 1.3 million tons per year from 910,000 hectares of rubber plantations, according to the Vietnam Rubber Association.

Every year, more than 300,000 tons of rubber are used in processing and manufacturing, leaving a large amount of raw material for export. This has opened up considerable export potential for the local industry, especially in the context of potential global supply shortages in the 2024 – 2025 period.