Rubber exports in the third quarter of 2022 reached more than 930 million USD

According to statistics from the General Department of Customs, in the third quarter of 2022, Vietnam's rubber exports reached 609.17 thousand tons, worth $930.86 million, the Import-Export Department (Ministry of Industry and Trade) cited statistics from the General Department of Customs. increased by 6% in volume, but decreased by 1.8% in value over the same period in 2021.

Rubber exports in the third quarter of 2022 reached more than 930 million USD

Vietnam's rubber exports in the third quarter of 2022 continued to grow compared to the same period in 2021 thanks to the recovery of global rubber consumption demand, but the value still decreased due to a sharp drop in rubber prices.

Regarding export markets, in the third quarter of 2022, Vietnam's rubber exports to most markets grew well compared to the same period in 2021. In which, China is still the largest market with high consumption. rubber in Vietnam, with 453.06 thousand tons, worth 669.14 million USD, up 10.4% in volume and 0.5% in value over the same period in 2021, accounting for 70.2% of the total rubber export value of the country.

Ranked second is exports to India with 42.04 thousand tons, worth 69.64 million USD, up 25.1% in volume and up 18.3% in value over the same period in 2021, accounting for 6.3%. 2% of the total rubber export value of the country in the third quarter of 2022.

Regarding export prices, in the third quarter of 2022, the average export prices of most types of rubber are in a downward trend compared to the same period in 2021, notably: Mixed natural and high-quality rubber synthetic rubber down 5.5%; Latex down 6%; SVR 3L down 7.1%; SVR10 down 5.9%; RSS3 dropped 7.1%; SVRCV60 decreased by 8.2%; RSS1 down 10.6%...

In the domestic market, in the third quarter of 2022, the price of domestic rubber material tends to decrease with a decrease of about 40-50 VND/grade of latex compared to the end of the third quarter of 2022.

Particularly in October 2022, the price of raw rubber latex fluctuated slightly. In Binh Phuoc, Phu Rieng Rubber Company buys raw latex at VND 270-285/grade of latex, an increase of VND 10-15/grade of latex compared to the end of September 2022. In Binh Duong, Phuoc Hoa Rubber Company buys raw latex at 273-275 VND/grade, stable compared to the end of last month. In Gia Lai, Mang Yang Rubber Company buys at the price of 230-240 VND/grade, down 10 VND/grade compared to the end of September 2022.

According to the Import-Export Department, in the fourth quarter of 2022, Vietnam's rubber exports are still facing difficulties because the dollar has entered an uptrend cycle as a haven against inflation. Since basic commodities are denominated in USD, a strong USD increase will depreciate the value of these commodities. Rubber is no exception when the price of latex has decreased during the period when the USD has increased strongly.

On the other hand, the risk of the rubber industry is that heavy rain lasts in the peak season, which affects the output of harvested latex. The La Nina phenomenon continues for the third year in a row in 2022, increasing the frequency and amount of rain, thereby negatively affecting the harvesting and production of rubber by enterprises.