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Thursday, July 18, 2024

China remains top buyer of Vietnam’s rubber

The Saigon Times

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HCMC – China remains the largest market for Vietnam’s rubber export sector, according to data from the Ministry of Industry and Trade.

In July, Vietnam’s rubber export volume surged by 22.6% to 219,630 tons month-on-month and by 20.6% in value at US$286.79 million.

In January-July, Vietnam’s rubber exports totaled 986,490 tons, rising a modest 0.3% in quantity but dropping 20.5% in value year on year due to the persistent decline in rubber prices.

China remained Vietnam’s primary rubber export destination, accounting for a substantial 79.82% of the nation’s total rubber export volume in July.

The northern neighbor bought 175,300 tons of rubber from Vietnam for US$226.3 million during the month, a 27.6% increase in quantity and a 26.4% rise in value compared to June.

The volume of rubber exports to China amounted to 757,600 tons, valued at US$1 billion in the first seven months of this year, up 12% in quantity but down 10% in value year-on-year, according to data from the General Department of Vietnam Customs.

The Ministry of Industry and Trade has forecast a gradual rebound in China’s rubber consumption in the rest of the year, as China has recently introduced a series of measures to prop up its economy in light of the woes stemming from the aftermath of the pandemic.

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