Rubber exports rocket in two months

Illustrative photo. (Source: VNA)

Hanoi (VNA) – Vietnam’s rubber exports in the first two months of 2021 doubled in both volume and value compared to the same period last year, after months of slowdown, according to the Ministry of Agriculture and Rural Development (MARD).

In January – February, rubber shipments reached 320,000 tonnes, a jump of 89.9 percent from a year earlier, while value totalled 516 million USD, a 2.1-fold increase year-on-year

Rubber price also rebounded, averaging 1,608 USD per tonne in January, up 10.3 percent year-on-year.

China was Vietnam’s top importer, purchasing 72.7 percent of rubber exported by the Southeast Asian country. It was followed by India (4.6 percent) and the Republic of Korea (2.7 percent).

The MARD’s Agro Processing and Market Development Authority forecast the price will rise further on the back of short supply and surges in international benchmark prices for natural rubber on Japan’s Osaka Exchange (OSE) over the previous month.

The US’s approval of a 1.9-trillion-USD coronavirus relief package and expected growth of auto sales in China in 2021 also provide a bright outlook for the global rubber market in the time ahead.

Vietnam exported about 2.3 billion USD worth of rubber annually, making it one of the country’s key currency earners./.

VNA