China continues to be Vietnam’s largest rubber consumption market in 2022
The Import-Export Department under the Ministry of Industry and Trade, citing statistics from the General Department of Customs, said that in 2022, China will continue to be Vietnam’s largest rubber consumption market.
Specifically, Vietnam exported 1.6 million tons of rubber to China, worth 2.38 billion USD, up 14.6% in volume and 4.3% in value compared to 2021; the average export price reached 1,490 USD/ton, down 9% compared to 2021.
In which, the mixture of natural rubber and synthetic rubber (HS: 400280) was exported the most to China, accounting for 81.96% of total rubber exports to China in 2022, with 1.31 million tons, worth 2.02 billion USD, up 7.7% in volume, but down 0.1% in value compared to 2021; the average export price reached 1,544 USD/ton, down 7.2% compared to 2021.
In addition, in 2022, some types of rubber exported to China will grow well in both volume and value compared to 2021. Notably, latex will increase by 98% in volume and 81.6 in value. % in value; SVR 10 increased by 42.5% in volume and 34.7% in value; SVR 20 increased by 403.3% in volume and 369.3% in value.
According to the Import-Export Department, in 2023, the rubber market is still under pressure in the context of the generally not very positive world economy. However, favorable fundamentals such as China lifting most of its Covid-19 prevention measures and opening its borders will support rubber exports to this market.
According to vietnam.postsen