According to the Department of Import and Export (Ministry of Industry and Trade), citing data from the General Department of Vietnam Customs, Vietnam’s rubber exports to China surged sharply during the first two months of 2021.
Strong Growth in Rubber Exports
Table of Contents
In February 2021, Vietnam exported 104,790 tons of rubber, valued at USD 173.17 million, down 44.8% in volume and 43.3% in value compared to January 2021.
However, compared to February 2020, exports rose 35.4% in volume and 52.8% in value, reflecting strong year-on-year growth.
The average export price in February reached USD 1,653 per ton, up 2.8% from January and up nearly 13% year-on-year.
Cumulatively, in the first two months of 2021, Vietnam exported 294,700 tons of rubber worth USD 478.68 million, an increase of 75% in volume and 94.6% in value compared with the same period in 2020.
China Remains Vietnam’s Largest Rubber Market
China continued to be Vietnam’s top export destination in February 2021, accounting for 71.55% of total rubber exports.
Vietnam shipped 74,980 tons of rubber to China, worth USD 119.76 million — down 47.4% in volume and 46% in value compared to January 2021, yet up 75.6% in volume and nearly 97% in value compared to February 2020.
The average export price to China reached USD 1,597 per ton, increasing 2.5% month-on-month and over 12% year-on-year.
Overall, in the first two months of 2021, Vietnam’s rubber exports to China reached 217,420 tons, valued at USD 341.82 million — up 99.3% in volume and 117.7% in value compared to the same period last year.
Domestic Rubber Prices in Vietnam
During the mid-March 2021 period, rubber latex prices in the Southeast region traded between VND 320–340 per TSC degree, up 10 VND from the previous 10-day period.
Prices for major rubber grades were as follows:
-
SVR 20: VND 25,206/kg
-
SVR L: VND 39,297/kg
-
SVR GP: VND 25,678/kg
-
SVR 10: VND 25,319/kg
Outlook
With Chinese demand rebounding strongly and global prices rising, Vietnam’s rubber exports are expected to maintain positive growth momentum through 2021. The sector continues to benefit from improved logistics conditions and competitive export prices, consolidating Vietnam’s position as a leading global rubber supplier.