Business

Vietnam’s rubber exports to Malaysia grow by triple digits

Vietnam exported 7,260 tonnes of rubber to Malaysia, valued at 11.5 million USD in October, surging by 861% in volume and 1,240% in value year-on-year, according to the General Department of Customs.

Processing rubber for export at the Chu Pah Rubber One Member Co Ltd factory in Gia Lai province. (Photo: VNA)
Processing rubber for export at the Chu Pah Rubber One Member Co Ltd factory in Gia Lai province. (Photo: VNA)

Hanoi (VNS/VNA) - Vietnam exported 7,260 tonnes of rubber to Malaysia, valued at 11.5 million USD in October, surging by 861% in volume and 1,240% in value year-on-year, according to the General Department of Customs.

This also represents a 22.2% increase in volume and a 47.8% rise in value compared to September, marking the highest monthly figures for the year.

From January to October, Malaysia spent 35.2 million USD to import 24,800 tonnes of rubber, reflecting a 349% increase in volume and a 405% rise in value year-on-year.

This elevated Malaysia to the second-largest market by volume and the third-largest by value for Vietnam's rubber exports.

In the first ten months of 2024, Vietnam exported 1.54 million tonnes of rubber, generating over 2.52 billion USD in revenue.

This represents a 4.9% decline in volume but a 16.4% increase in value compared to the same period in 2023. The average export price stood at 1,638 USD per tonne, up by 22.4% year-on-year.

China remained Vietnam's largest rubber export market, accounting for 78.7% of the country’s total rubber exports. Exports to China reached 1.06 million tonnes, valued at 1.7 billion USD, a 16.8% decrease in volume but a 1.5% rise in value year-on-year.

The first ten months witnessed notable shifts in Vietnam's rubber export markets. While exports to China, the Republic of Korea, the Netherlands and Argentina declined year-on-year, substantial growth was recorded in other markets such as India, the US, Germany and notably Malaysia.

Rubber remains a significant export sector for Vietnam, which ranks fifth globally in plantation area and third in natural rubber production.

According to the Vietnam Rubber Association (VRA), the country has around 930,000 hectares of rubber plantations, producing about 1.3 million tonnes of latex annually.

Despite the decline in export volume this year, Vietnam's rubber export value has increased thanks to consistently high export prices.

With these results, rubber export revenue in 2024 is forecast to reach 3-3.5 billion USD, an increase of 200-400 million USD compared to last year./.

VNA
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