Vietnam’s rubber exports up 11.9 percent in 2021

Ho Chi Mihn City, Vietnam – Vietnam’s General Department of Customs (GDC) reported in the first 11 months of 2021, the country’s rubber exports reached 1.7 million tons worth USD2.85 billion, up 11.9% in volume and 40.8% in value compared to the same period of 2020. Thus, it can be affirmed that, despite many difficulties due to the 4th Covid-19 outbreak, 2021 is still a successful year for the rubber industry.

Not only that, rubber exports in 2021 grasped the very important milestone of USD3 billion again after 10 years. Specifically, in 2011, due to a record high price in the world market, rubber exports surpassed USD3 billion for the first time, reaching over USD3.2 billion.

In the following years, due to a sharp decline in prices, rubber export lost the USD3 billion milestone. Even in some years, it fell below USD2 billion. But in 2021, thanks to a strong increase in price, export value has reached USD2.85 billion in 11 months. The GDC reported by mid-December, rubber export value in 2021 was USD3.068 billion, officially catching the USD3 billion milestone again after 10 years.

In addition to a sharp increase in prices, the success of rubber exports in 2021 also came from the fact that Vietnamese rubber is penetrating deeper and deeper into many important markets.

China continues to be the largest market for Vietnamese rubber. In 2021, exports to this market remained stable. Information from GDC also revealed in the first 11 months of 2021, Vietnam exported 1.2 million tons of rubber to China, worth USD1.96 billion, up 1.71% in volume and 26.3% in value over the same period of 2020.

According to the Import-Export Department (Ministry of Industry and Trade), information from Chinese Customs showed Vietnam’s market share in China’s total rubber imports increased significantly in 2021.

Specifically, in the 10 months of 2021, China’s rubber import turnover reached USD10.14 billion, up 17.1% over the same period of 2020. Thailand, Vietnam, Malaysia, South Korea, and Japan were the 5 largest markets supplying rubber to China.

Vietnam was the second largest rubber supplier to China in the 10 months of 2021 with USD1.69 billion, up 31.5% over the same period in 2020. Vietnam’s rubber market share in China’s import total turnover in the first 10 months of 2021 accounted for 16.7%, up sharply from 14.9% over the same period of 2020.

Along with stable exports to China, Vietnam’s rubber exports to many important markets such as the US, EU, Malaysia, Korea, and India also grew strongly in 2021.

In the first 10 months of 2021, rubber exports to India increased by 96.4% in volume and 153.6% in value; to Korea by 57.8% in volume and 95.2% in value; to the US by 80.5% in volume and 130% in value; to Germany by 79% in volume and 129.7% in value…

In general, among the 10 largest markets of Vietnamese rubber, except for China with only a slight increase in volume, exports to 9 others all raised very strongly in volumes such as Sri Lanka and Russia. This is clear proof that Vietnamese rubber is penetrating more and more strongly into markets other than China.