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Vietnam's Rubber Export Performance in 2024
Vietnam's Rubber Export Performance in 2024
Vietnam's rubber exports in 2024 reached a total turnover of $3.45 billion despite a 5.2% decrease in volume compared to 2023. This performance reflects the sharp increase in global rubber prices, which helped offset declining export quantities.
Monthly Highlights
- December 2024: Vietnam exported 260,000 tons of rubber, earning $492 million. Compared to November 2024:
- Volume increased 12.8%, while value rose 11.5%.
-
- Compared to December 2023, volume dropped 3.3%, but value surged 31.5%.
- November 2024: Exports totaled 230,574 tons with a value of $441.26 million, a 2.5% rise in volume and a 2.86% increase in value compared to October 2024.
Year-to-Date Results
For the first 11 months of 2024:
- Export volume: 1.77 million tons (down 5.45% year-on-year).
- Export turnover: $2.97 billion (up 17.8% year-on-year).
Key Market Performance
- China: The largest importer of Vietnam's rubber, accounting for 70.8% of total exports. Year-to-date exports to China reached 1.25 million tons, worth $2.08 billion. Despite a 15.46% drop in volume, value increased by 5.54%, driven by higher prices.
- Emerging Markets: Malaysia, Belgium, and France showed significant growth in both volume and value, with increases over 300% year-on-year in some cases.
Export Composition
Vietnam’s rubber exports are dominated by natural and synthetic rubber blends (HS: 400280), accounting for:
- 81.43% of total volume.
- 84.24% of total value.
The second most exported category is Latex, representing:
- 12.91% of total volume.
- 10.03% of total value, with 162,080 tons worth approximately $271 million.
2025 Outlook
The year 2025 is expected to bring challenges, with China's demand remaining a critical factor. However, global supply shortages and strong demand from other markets could help maintain high export prices, supporting turnover growth.
Appendix
Exported Markets (November 2024 and Year-to-Date)
|
Market |
November 2024 |
Change Compared to October 2024 (%) |
Change Compared to November 2023 (%) |
First 11 Months of 2024 |
Change Compared to 11 Months of 2023 (%) |
|
Volume |
Value |
Volume |
Value |
Volume |
|
|
Total |
230,574 |
441,260 |
2.50 |
2.86 |
-8.99 |
|
China |
193,524 |
368,748 |
11.14 |
11.01 |
-7.44 |
|
India |
3,465 |
6,493 |
-45.66 |
-47.73 |
-68.52 |
|
South Korea |
3,465 |
7,574 |
10.14 |
13.63 |
-35.04 |
|
Germany |
598 |
1,180 |
-78.77 |
-77.99 |
-79.49 |
|
Malaysia |
4,926 |
7,836 |
-32.20 |
-31.73 |
466.21 |
|
United States |
2,838 |
5,725 |
-33.24 |
-26.43 |
-11.56 |
|
Belgium |
151 |
235 |
-41.47 |
-34.12 |
586.36 |
For full market data, refer to the extended market list.
Top 20 Rubber Export Companies in 2024
|
Rank |
Company Name |
Export Value (USD 1,000) |
|
1 |
442,054 |
|
|
2 |
318,606 |
|
|
3 |
185,703 |
|
|
4 |
176,808 |
|
|
5 |
143,121 |
|
|
6 |
134,536 |
|
|
7 |
127,083 |
|
|
8 |
118,201 |
|
|
9 |
88,125 |
|
|
10 |
76,877 |
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