Export of rubber increased sharply in May 2022

Export of rubber increased sharply in May 2022

 According to the Import-Export Department (Ministry of Industry and Trade), Vietnam's rubber exports in the first five months of 2022 are very positive, growing in both volume and value. 

In particular, in May, rubber exports increased by more than 40% in volume and nearly 28% in value compared to April 2022.

According to the Import-Export Department, Vietnam's rubber exports in May 2022 were estimated at about 110,000 tons, worth $181 million, up 40.4% in volume and 27.9% in value over the same month. April 2022; compared to May 2021, increased by 33.1% in volume and 26.4% in value.

The average export price of rubber in May 2022 reached USD 1,645/ton, down 8.9% compared to April 2022 and down 5% compared to May 2021. In the first 5 months of 2022, rubber exports reached about 595 thousand tons, worth 1.04 billion USD, up 8.1% in volume and 12% in value over the same period in 2021.

In general, in the first months of 2022, many types of rubber exports increased sharply in both volume and value compared to the same period in 2021.

The Chinese market accounts for 99.7% of Vietnam's total natural and synthetic rubber exports, with exports increasing in both volume and value in the first months of the year.

In May 2022, the price of raw rubber latex across the country decreased slightly compared to the end of April 2022. In Binh Phuoc, raw rubber latex is purchased by Phu Rieng Rubber Company at the price of 305 - 345 VND/TCS. In Binh Duong, the purchasing price of raw rubber latex of Phuoc Hoa Rubber Company fluctuates at 340 VND/TSC. The price of rubber latex in Gia Lai was purchased by Mang Yang Rubber Company for 305 - 315 VND/TSC, a slight decrease compared to the end of April 2022.

Experts also estimate that in 2022, the market expects the recovery of the global economy, after major central banks launch bailout packages, the world rubber price may increase due to The global supply of natural rubber is expected to be short because Southeast Asia's rubber supply is being affected by bad weather, affecting natural latex output.

Meanwhile, challenges that could affect rubber demand include lack of semiconductors (which could affect car production), container shortages, high transportation costs and slow customs clearance. to the supply chain.

Therefore, it is forecasted that in 2022, Vietnam is likely to benefit both in terms of export volume and value because the world is still in short supply of rubber raw materials, rubber latex prices continue to increase or stay at a high level. 

Vietnam's rubber exports to major markets will continue to increase, especially China will still be Vietnam's largest rubber export market.
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