The Import-Export Department (Ministry of Industry and Trade) quoted statistics from the General Department of Customs as saying that in July 2023, Vietnam exported 219.63 thousand tons of rubber, worth $286.79 million, up 22 .6% in volume and 20.6% in value compared to June 2023; compared with July 2022, increased by 11.7% in volume, but decreased by 10.2% in value. In July 2023, Vietnam's rubber exports reached the highest level since the beginning of 2023.

In July 2023, rubber exports reached the highest level since the beginning of 2023

Accumulated in the first 7 months of 2023, rubber exports reached 986.49 thousand tons, worth 1.33 billion USD, up 0.3% in volume, but down 20.5% in value over the same period in 2022. due to the continuous decline in rubber prices.

In July 2023, the average export price of rubber reached 1,306 USD/ton, down 1.6% compared to June 2023 and 19.6% down compared to July 2022.

Average rubber export price of Vietnam over the months in the period of 2021 - 2023 (Unit: USD/ton)

In July 2023, China was still Vietnam's largest rubber export market, accounting for 79.82% of the country's total rubber exports, reaching 175.3 thousand tons, worth $226.26 million , up 27.6% in volume and 26.4% in value compared to June 2023. Compared to July 2022, an increase of 25% in volume and 2.7% in value, this is the 6th consecutive month that the amount of rubber exported to China increased over the same period last year.

The average export price of rubber to the Chinese market was at 1,291 USD/ton, down 0.9% compared to June 2023 and down 17.9% compared to July 2022. Accumulated in the first 7 months of 2023, Vietnam exported 757.6 thousand tons of rubber to China, worth over 1 billion USD, up 12% in volume, but down 10.1% in value over the same period last year. 2022.

China's rubber demand is gradually recovering, which is expected to be a supporting factor for Vietnam's rubber exports in the coming months.

In the first 7 months of 2023, rubber exports to markets mostly decreased compared to the same period last year, especially big markets such as: India, the United States, Germany, Taiwan, Indonesia, Turkey Turkey…

However, rubber exports to a key market still grew well in volume over the same period in 2022 such as China, Korea, Russia, the Netherlands...

10 largest rubber export markets of Vietnam in July 2023

In the world market, from the beginning of August 2023 until now, rubber prices at key Asian exchanges have tended to decrease due to China's economic difficulties and the country's automobile sales.

According to the China Passenger Car Association (CPCA), the country's passenger car sales fell for the second consecutive month in July, reaching 1.79 million units, down 2.6% year-on-year. 2022. In recent weeks, the Chinese government has launched a series of policies to support the economy as the country's post-pandemic recovery slows.

In the domestic market, from the beginning of August 2023 until now, the purchase price in raw material areas ranges from 240-280 VND/TSC. Specifically, the price of latex in Dak Lak province ranges from 240-245 VND/TSC; latex price in Binh Phuoc province recorded from 245-280 VND/TSC; latex price in Dak Nong, Phu Yen fluctuates at 265-266 VND/TSC.

The price of purchasing latex at rubber companies in early August 2023 is in the range of 264-270 VND/TSC. In which, Phu Rieng Rubber Company buys at 250-270 VND/TSC; Phuoc Hoa Rubber Company purchased at 265-267 VND/TSC, up 3 VND/TSC compared to the end of last month; Dong Phu Rubber Company kept the purchasing price at 270 VND/TSC; Binh Long Rubber Company buys at 259-269 VND/TSC.

Recently, the President of the Lao Rubber Association and the President of the Vietnam Rubber Association signed a memorandum of understanding (MOU) to help the rubber industry of both countries develop and achieve sustainability goals.

Under the newly signed MOU, the two rubber associations will share lessons on development experience; supporting Vietnamese rubber companies operating in Laos to produce rubber on a sustainable basis, towards achieving sustainability certification and strengthening cooperation in agreed areas for the benefit of each party.

The two sides also said that the Lao Rubber Association should strengthen support and attract more companies to process rubber according to standards, in order to meet export requirements for Vietnam and other countries.