Vietnam exported 1.7 million tons of various types of rubber to China, earning $2.27 billion in 2023. This represents a nearly 7% increase in volume but a nearly 5% decrease in value compared to the same period last year. China remains the largest market, accounting for nearly 80% of the volume and 78.5% of the value in the country’s total rubber exports.

According to data from the Ministry of Industry and Trade, the increase in export volume but decrease in value of Vietnamese rubber in the past year is due to price factors. Specifically, in 2023, the price of exported rubber to China was $1,331 per ton, down 10.7% from 2022.

In 2023, Vietnam's exports to China were primarily comprised of natural rubber and synthetic rubber mixtures (HS 400280), accounting for over 84% of the volume and more than 87% of the value in total rubber exports to this market. The second largest category was latex, making up nearly 10.5% of the volume and 7.45% of the value, with the remaining share being other items.

Although Vietnam's rubber exports are heavily reliant on market absorption in China, the Ministry of Industry and Trade notes that Vietnamese rubber faces competition from rubber from Thailand, Malaysia, and Côte d'Ivoire in this market.

Outside of China, Vietnam has also been unable to increase its market share in other regions. For example, in the US market, during the first 11 months of 2023, Vietnam exported only 22,860 tons worth $32.34 million, representing a decrease of over 27% in volume and nearly 41% in value compared to the same period in 2022.

As a result, Vietnam's market share of natural rubber in the total US imports stands at only 2.96%, down from 3.1% in the first 11 months of 2022. According to the Ministry of Industry and Trade, Vietnam is the fifth-largest supplier of natural rubber to the US.

Source: Vietstock