According to data from Eurostat, the statistical office of the European Union (EU), Vietnam ranked as the 12th largest non-EU rubber supplier to the bloc in the first half of 2023, exporting 33,640 tons of rubber worth USD 51.56 million. Vietnam’s market share accounted for 3.04% of the EU’s total rubber imports from non-member countries—slightly higher than 2.98% recorded during the same period last year.
Vietnam’s Rubber Exports to the EU
Among the EU’s external rubber suppliers, Thailand, Côte d’Ivoire, Indonesia, the United States, and South Koreawere the top five exporters. During the review period, the EU imported natural rubber, synthetic rubber, recycled rubber, and mixed rubber from non-EU markets, with both volume and value declining compared to last year.
Vietnam stood out as the fifth-largest supplier of natural rubber to the EU, with 33,630 tons valued at USD 51.47 million, representing a 19.3% decrease in volume and a 40.2% decrease in value year-on-year. Despite the decline, Vietnam maintained a 6.41% market share in the EU’s total natural rubber imports, consistent with the same period last year.
Within the ASEAN region, Vietnam ranked fourth in terms of rubber market share in the EU, following Thailand, Indonesia, and Malaysia.
Market Outlook
According to the European Tyre and Rubber Manufacturers’ Association (ETRMA), European tire market revenues declined in the second quarter of 2023. The combination of global economic slowdown and rising inflationary costs is expected to continue exerting downward pressure on tire sales, which in turn will likely affect Vietnam’s rubber exportsto the EU in the coming months.