The Import-Export Department (Ministry of Industry and Trade) quoted statistics from the General Department of Customs as saying that, in the first four months of 2023, Vietnam's rubber exports to South Korea reached 12.47 thousand tons, worth 18 million tons. $92 million, up 5.6% in volume, but down 15% in value over the same period in 2022; The average export price of rubber to this market reached $1,517/ton, down 19.5% over the same period in 2022.

In the first 4 months of 2023, Korea reduced rubber imports from Vietnam market

In the first 4 months of 2023, Vietnam exported to Korea mainly natural rubber. In which, SVR 10 is exported to Korea the most, accounting for 28.05% of the total amount of rubber exported to Korea. In second place is SVR CV60, accounting for 24.53% and SVR 3L accounting for 14.44% of total rubber exports to Korea in the first 4 months of 2023.

The average export price of all kinds of rubber to Korea in the first 4 months of 2023 mostly decreased sharply compared to the same period in 2022, of which the strongest decrease was SVR 10, which decreased by 21.6%; SVR 20 decreased by 20.2%; RSS3 down 19.9%; SVR CV60 down 19.5%...

According to the Korean Customs Agency , currently Thailand, Indonesia, China, Vietnam and Japan are the 5 largest markets supplying rubber to Korea. In these five largest supply markets, Korea increased imports from Indonesia and China, but decreased imports from Thailand, Vietnam and Japan compared to the same period in 2022.

In the first 4 months of 2023, Vietnam is the 4th largest rubber supplier to Korea with 9.67 thousand tons, worth 15.32 million USD, down 32.3% in volume and down 43.6% in value over the same period in 2022.

Vietnam's rubber market share accounts for 5.88% of Korea's total rubber imports, down sharply from 8.36% in the first four months of 2022.

In the Korean market, Vietnam's rubber market share is shrinking compared to the same period in 2022, while the rubber market share of Indonesia, China, the Philippines, Cambodia, Germany ... increases compared to the same period in 2022.

On the world market, recently, the Association of Natural Rubber Producing Countries (ANRPC) has announced the statistical report on the global natural rubber market in April 2023. Accordingly, in April 2023, global natural rubber output reached 896 thousand tons, up 1.5% compared to April 2022. Meanwhile, global demand for natural rubber increased by 2.5% compared to April 2022 to 1.241 million tons.

Therefore, the global market is short of about 345 thousand tons of natural rubber in April 2023. ANRPC forecasts that in 2023, the global rubber supply will continue to fall short of demand.

In the domestic market, in the 10 days between May 2023, the price of raw rubber latex remained stable, the price of rubber latex continued to remain around 225 - 280 VND/TSC. In Binh Phuoc, the price of raw rubber latex purchased by Phu Rieng Rubber Company is at 270 - 280 VND/TSC.

Meanwhile, in Binh Duong, the purchasing price of raw rubber latex of Phuoc Hoa Rubber Company is kept at 278 - 280 VND/TSC. In Gia Lai, raw rubber latex is purchased by Mang Yang Rubber Company at the price of 225 - 235 VND/TSC.