Vietnam's rubber exports are anticipated to achieve a value between 3.3 billion and 3.5 billion U.S. dollars by the end of 2024, according to the Vietnam Rubber Association. This optimistic forecast underscores the country's robust position in the global rubber market.
The association attributes the projected surge in exports to the recovery of the global automobile and tire industries, with China playing a significant role in this rebound. Favorable market conditions in the second quarter are expected to further boost export figures.
Vo Hoang An, General Secretary of the Vietnam Rubber Association, emphasized the potential for Vietnam to expand its rubber exports. The country produces approximately 1.3 million tons of rubber latex annually, while the domestic processing sector utilizes only about 300,000 tons, leaving a substantial surplus for export.
In the first four months of 2024, Vietnam exported 499,000 tons of rubber, generating 743 million dollars. This represents a 6.4 percent increase in volume and a 14 percent increase in value compared to the same period last year.
China remains the largest importer of Vietnamese rubber, accounting for 80 percent of the total export volume, followed by India, the association reported.
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