In the first four months of 2021, Vietnam ranked as the fourth-largest rubber supplier to South Korea, exporting 14,370 tons worth USD 27.85 million, according to data from the Korea Customs Service and Vietnam’s Ministry of Industry and Trade.
South Korea’s Rising Rubber Demand
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During this period, South Korea imported 183,360 tons of rubber (HS codes 4001, 4002, 4003, 4005) with a total value of USD 366.98 million, up 14.4% in volume and 26.8% in value year-on-year.
South Korea increased imports from China, the United States, and the Czech Republic, while reducing shipments from Thailand, traditionally one of its largest suppliers.
Vietnam’s Strong Performance in Natural Rubber
Vietnam supplied 14,370 tons of rubber worth USD 27.85 million, up 8% in volume and 32.2% in value compared with the same period in 2020.
Vietnam’s market share accounted for 7.8% of South Korea’s total rubber imports, slightly down from 8.3% in the first four months of 2020.
For natural rubber (HS 4001) alone, South Korea imported 110,430 tons, valued at USD 189.75 million, marking an increase of 5.5% in quantity and 24% in value.
Vietnam was the third-largest supplier of natural rubber to South Korea, exporting 14,300 tons worth USD 27.64 million, up 10% in volume and 34.8% in value year-on-year.
Vietnam’s market share in natural rubber rose from 12.4% to 13%, reflecting improved competitiveness and supply capacity.
Synthetic Rubber Imports Also Growing
South Korea’s imports of synthetic rubber (HS 4002) reached 64,540 tons, valued at USD 157.42 million, up 32.4% in quantity and 29% in value compared to the same period last year.
The five largest suppliers of synthetic rubber to South Korea were China, the United States, Japan, the Czech Republic, and Singapore.
However, the market composition shifted, with shares from China, the U.S., and the Czech Republic increasing, while Japan and Singapore saw declines.
Vietnam’s synthetic rubber accounted for only 0.09% of South Korea’s total synthetic rubber imports — still a relatively small proportion, but expected to rise as trade links deepen.
Positive Outlook
The data highlights Vietnam’s growing role as a key supplier of natural rubber to South Korea. With strong demand for high-quality rubber and favorable trade conditions under regional trade agreements, Vietnam’s rubber exports to South Korea are poised for continued growth in the coming years.