Natural rubber export prices pick up from May
Natural rubber export prices are on a rising trend since the beginning
of May following concerted efforts from the Ministry of Agriculture and
Rural Development and the Vietnam Rubber Association (VRA), reported the
Thoi bao Kinh Te Vietnam (Vietnam Economic Times).
Natural rubber export prices are on a rising trend since the beginning
of May following concerted efforts from the Ministry of Agriculture and
Rural Development and the Vietnam Rubber Association (VRA), reported the
Thoi bao Kinh Te Vietnam (Vietnam Economic Times).
In the first half of May, natural rubber export prices increased to 1,655 USD per tonne, up 73 USD or 4.6 percent, from the average price in April, and the increasing trend continues, reaching 1,790 USD per tonne on June 12.
It is forecast that prices will maintain their momentum throughout June due to boosted imports from Chinese partners for stockpile.
Vietnamese natural rubber export to China has benefited from the " most favoured nation " ( MFN ) status with a 20 percent import tariff, compared to 40 percent for those which do not have the MFN
According to Dr. Tran Thi Thuy Hoa, Head of the VRA Office, rubber prices will be fluctuating between 1,500 and 2,500 USD per tonne and will remain in that range until 2020 due to high stock.
In addition, natural rubber export prices are under pressure as the fall of crude oil prices make synthetic rubber cheaper, Hoa added.
Hoa said the rubber sector needs to increase land use efficiency, reduce both outputs and production costs while replacing aging trees which produce less latex.
Hoa advised the industry to shift according to market demands, ensure the quality of natural rubber, expand markets, build brands, develop the processing industry and manage planning.
The National Agro-Forestry-Fisheries Quality Assurance Department under the Ministry of Agriculture and Rural Development has asked rubber processors to strictly supervise the process of collection, transportation, preservation and quality control to ensure product quality.
The department will coordinate with the VRA to develop and publish quality standards for raw latex and finished products at processing factories.
Vietnam’s rubber exports in the first five months reached 330,000 tonnes with 475 million USD in revenue, up 30.1 percent in volume but down 2.9 percent in value.
China, India and Malaysia continue to be the main markets for Vietnamese rubber, together accounting for 69.03 percent.-VNA
In the first half of May, natural rubber export prices increased to 1,655 USD per tonne, up 73 USD or 4.6 percent, from the average price in April, and the increasing trend continues, reaching 1,790 USD per tonne on June 12.
It is forecast that prices will maintain their momentum throughout June due to boosted imports from Chinese partners for stockpile.
Vietnamese natural rubber export to China has benefited from the " most favoured nation " ( MFN ) status with a 20 percent import tariff, compared to 40 percent for those which do not have the MFN
According to Dr. Tran Thi Thuy Hoa, Head of the VRA Office, rubber prices will be fluctuating between 1,500 and 2,500 USD per tonne and will remain in that range until 2020 due to high stock.
In addition, natural rubber export prices are under pressure as the fall of crude oil prices make synthetic rubber cheaper, Hoa added.
Hoa said the rubber sector needs to increase land use efficiency, reduce both outputs and production costs while replacing aging trees which produce less latex.
Hoa advised the industry to shift according to market demands, ensure the quality of natural rubber, expand markets, build brands, develop the processing industry and manage planning.
The National Agro-Forestry-Fisheries Quality Assurance Department under the Ministry of Agriculture and Rural Development has asked rubber processors to strictly supervise the process of collection, transportation, preservation and quality control to ensure product quality.
The department will coordinate with the VRA to develop and publish quality standards for raw latex and finished products at processing factories.
Vietnam’s rubber exports in the first five months reached 330,000 tonnes with 475 million USD in revenue, up 30.1 percent in volume but down 2.9 percent in value.
China, India and Malaysia continue to be the main markets for Vietnamese rubber, together accounting for 69.03 percent.-VNA
You should also see
Hanoi ceremony celebrates 70th anniversary of Geneva Agreement
The Ministry of Foreign Affairs held a ceremony in Hanoi on April 25 to mark 70 years since the signing of the Geneva Agreement on the Cessation of Hostilities in Vietnam - an important milestone in the struggle for national liberation of the Vietnamese people and a great victory of the Vietnamese diplomatic sector.
See more
Business
Petrol prices decrease slightly on April 25
The retail prices of petrol were adjusted down from 3pm on April 25 by the Ministry of Industry and Trade and the Ministry of Finance.
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
