Vietnam exported 1.7 million tons of various types of rubber to China, earning 2.27 billion USD in 2023, an increase of nearly 7% in volume but a decrease of nearly 5% in value compared to the previous year. China remains the largest market, accounting for nearly 80% of the volume and 78.5% of the value of Vietnam's total rubber exports.

According to data from the Ministry of Industry and Trade, the reason for the increase in export volume but the decrease in value compared to the previous year for Vietnamese rubber in 2023 is due to price factors. Specifically, in 2023, the export price of rubber to the Chinese market reached 1,331 USD/ton, down 10.7% compared to 2022.

In 2023, Vietnam mainly exported a mixture of natural rubber and synthetic rubber (HS 400280) to China, accounting for over 84% of the volume and over 87% of the value of total rubber exports to this market. The second most exported type was latex, accounting for nearly 10.5% of the volume and 7.45% of the value, with other products making up the remainder.

Although Vietnam's rubber exports are dependent on China's market absorption, the Ministry of Industry and Trade noted that Vietnamese rubber has to compete with rubber from Thailand, Malaysia, and Ivory Coast in this market.

However, outside the Chinese market, Vietnamese rubber has yet to increase its market share in other markets. For example, in the U.S. market, in the first 11 months of 2023, Vietnam exported only 22,860 tons, valued at 32.34 million USD, a decrease of more than 27% in volume and nearly 41% in value compared to the same period in 2022.

Therefore, the market share of Vietnamese natural rubber in the total U.S. imports accounted for only 2.96%, down from 3.1% in the first 11 months of 2022. Vietnam is the fifth-largest supplier of natural rubber to the U.S., according to data from the Ministry of Industry and Trade.

Source: Vietstock