The rubber industry expects to meet its target of 1.1 billion USD this year as the export price has increased, according to the Vietnam Rubber Association.

The rubber export price has risen from 1,900 USD to 2,050 USD per tonne in recent days, an increase of 30 percent compared to earlier this year.

The association attributed the export price hike to the global economic recovery as well as growing demand for rubber in China , the USD, Japan and the EU.

Tran Thi Thuy Hoa, Vietnam Rubber Association (VRA) Secretary General, said one of the major factors driving up the price was the VRA’s efforts to balance supply and demand with an aim to prevent a price fall in the market.

The VRA also plans to work with the world’s major rubber producers, including Thailand , Indonesia and Malaysia , to reduce production by 1.q million tonnes this year to maintain a balance between demand and supply.

In the last nine months, Vietnam exported 491,000 tonnes of rubber with a revenue of 734 million USD.

For the remainder of the year when the harvest is at its peak, companies will strive to export an additional 210,000 tonnes, with an expected revenue of 410 million USD, bringing total export revenue to 1.1 million USD.

Vietnam ’s major rubber export markets are mainland China , the Republic of Korea , Malaysia and Taiwan , with the first topping the list and accounting for 60 percent of the country’s total rubber exports./.