Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam exported about 1.58 million tonnes ofrubber in 2018 – worth 2.1 billion USD and up 14.5 percent in volume, but down6.6 percent in value year-on-year, the General Department of Vietnam Customsreported.
In December, the country earned 230 million USD from shipping 190,000 tonnes ofrubber abroad, representing an increase of 12.7 percent but the value dropped5.6 percent year-on-year.
The price of rubber in the last month of 2018 increased as trade tensionsbetween the US and China eased.
As the world’s largest rubber consumer and tyre maker, China consumed 10.1million tonnes of rubber in 2017. Up to 33 Chinese businesses have been listedamong the world’s biggest tyre manufacturers.
Major rubber producers such as Thailand, Malaysia, and Indonesia are expectedto take measures to lift the price of rubber in the time to come.
Meanwhile, Vietnam ranks fourth in rubber production globally, with its annualrubber output exceeding 1 million tonnes since 2015.
Vo Hoang An, Vice President and General Secretary of the Vietnam RubberAssociation, said that over the past few years, rubber has been seen as one ofthe key sectors of the national economy.
Despite various difficulties, its three main products – natural rubber, rubberproducts, and rubber wood – have experienced growth in export revenue, he said,adding that the sector contributed 3 percent to the country’s total exportvalue of 215.1 billion USD in 2017.
However, all machines and technologies used in the Vietnamese rubber industryare imported and the country has yet to participate much in the global rubbersupply chain or put much focus on the support industry, An pointed out.
It is forecast that rubber exports to China willbe sluggish due to the slowdown in the country’s economy, he said, suggestinglocal businesses expand into other markets in order to ease their reliance onChinese business. –VNA
VNA
