Vietnam's rubber exports to China have achieved a significant milestone in 2022, with the volume crossing 757,600 tons, marking an impressive growth of 12% compared to the same period last year. However, the export value has decreased by over 10% compared to the previous year, presenting a new challenge to the Vietnamese rubber industry.
According to data from the General Department of Customs of Vietnam, in the first seven months of the year, exports of agricultural and aquatic products from Vietnam to China increased by 12.5% compared to the same period last year, accounting for 21.9% of the total export turnover of the agricultural sector. Vegetables and, in particular, rubber have contributed significantly to this figure.
Rubber accounted for a staggering 99.82% of Vietnam's total agricultural exports to China. Vietnam exported 175.3 thousand tons of rubber to China, valued at 226.26 million USD, representing a 27.6% increase in volume and a 26.4% increase in value compared to June 2023. Compared to July 2022, both the volume and value of rubber exports have increased, marking the sixth consecutive month of increased rubber exports to China compared to the same period last year. Currently, Vietnam is the second-largest rubber supplier to China, after Thailand.
In the global market, rubber prices have experienced fluctuations in recent months. Despite some minor increases, rubber prices have subsequently declined, primarily due to economic difficulties in China. Domestically, the purchase price of natural rubber ranges from 240-280 VND/kg, depending on the region. The Rubber Association of Laos and the Rubber Association of Vietnam have signed a Memorandum of Understanding (MOU) to support the development of the rubber industry in both countries and enhance cooperation in this sector.
However, the Ministry of Industry and Trade of Vietnam remains optimistic about the prospects for the Vietnamese rubber industry. The Department of Import and Export has stated that China's rubber consumption is gradually recovering. The support of the Chinese government and forecasts of increased demand can contribute to Vietnam's rubber exports to China in the latter months of 2022. The Chinese government has implemented a series of economic support policies to ensure a strong post-pandemic recovery.