Despite the ongoing impact of the Covid-19 pandemic, Vietnam’s rubber exports achieved impressive growth in the first two months of 2021, signaling strong market recovery and high foreign demand.
Export Performance
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According to the Department of Import and Export (Ministry of Industry and Trade), Vietnam exported approximately 320,000 tons of rubber, valued at USD 516 million, during January–February 2021.
This represents an increase of 89.9% in volume and 109.9% in value compared to the same period in 2020.
In February 2021 alone, rubber exports were estimated at 130,000 tons, worth USD 211 million, down 31.5% in volume and 30.9% in value from January 2021.
However, compared to February 2020, exports rose 68% in volume and 86.2% in value.
The average export price in February reached USD 1,623 per ton, up 0.9% from January and up 10.9% year-on-year.
Domestic Market Situation
In the domestic market, the purchasing price of fresh latex at Phu Rieng Rubber Company Ltd. increased in February 2021 compared to late January.
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At plantation collection points: 340 VND/TSC, up 5 VND
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At factory collection points: 255 VND/TSC, up 5 VND
These slight increases reflect the general upward trend in global rubber prices driven by steady demand from China and South Korea.
Vietnam’s Position in the Korean Market
Data from the Korea Customs Service shows that in January 2021, South Korea imported 44,020 tons of rubber (HS codes 4001, 4002, 4003, 4005), worth USD 84.16 million, up 6.9% in volume and 15.9% in value compared to January 2020.
The five largest suppliers were Indonesia, Thailand, Vietnam, China, and the United States.
Vietnam ranked as the third-largest rubber supplier to South Korea, exporting 3,930 tons worth USD 7.51 million.
While export volume fell by 13.5%, value increased by 8.1%, indicating higher prices for Vietnamese rubber.
Vietnam’s market share in Korea’s total rubber imports was 8.93%, slightly lower than 11.03% in January 2020.
Outlook
With rubber prices maintaining strong momentum and key markets like China and South Korea showing healthy demand, Vietnam’s rubber export performance is expected to continue rising throughout 2021.
Analysts note that improvements in logistics and global trade recovery will further support the rubber industry’s growth trajectory.