MOIT VIETNAM | Rubber export has increased in 2020
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Rubber export has increased in 2020
The Central Economic Committee held the conference to co-operate with the Ministry of Agriculture and Rural Development and the Vietnam Rubber Group in Hanoi to increase the domestic natural rubber consumption rate to 20% -30% and increase export of natural rubber to over 2 billion USD.
At present, 246 private enterprises and organizations are specializing in processing rubber
with a capacity of 1,245 million tons / year. The processing output is over 15% -20% comparing with production output. Although there are some problems such as no national standards for rubber materials.
Ministry of Industry and Trade informed that, Vietnam's rubber export reached 303 million USD up 15.8% compared to November 2019 in November 2020. Vietnam's rubber market share in the total US rubber imports was at 1.4%. Vietnam is one of 14 countries that exports rubber to USA the most.
As stated in the data of the Import-Export Department, Vietnam's rubber export reached 200,000 tons in November of 2020 with US $ 303 million and has increased 2.6% of volume in comparision to October 2020; the average export price of rubber is up to 15% over the same period in 2019 to $ 1,513 / ton. Rubber exports are approximately 1.51 million tons with $ 1.99 billion and increase 0.4% in volume but down 1.4% in value over the same period in 2019. The average export price was 1,324 USD / ton, down 1.8% over the same period in 201
Raw rubber prices across the country fluctuated sharply, prices decreased in the first 10 days of the month in the domestic market in November 2020, however, comparing to the price of October 2020, purchasing prices are still low. The purchase price of latex at the factory was 270 VND / TSC, it decreased 80 VND / TSC comparing to the end of October 2020.
For export markets, the Import and Export Department cited statistics of the United States International Trade Commission showing that, in the first 9 months of 2020, the United States imported 1.21 million tons of rubber, worth 2,12 billion USD, down 19.6% in volume and 25.4% in value over the same period in 2019.
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