Vietnam to Export 750,000 Tons of Rubber this Year: VRA
Vietnam will likely export 750,000 tons of rubber this year with expected revenues of more than US$1.5 billion, according to the Vietnam Rubber Association (VRA).
The VRA’s General Secretary Tran Thi Thuy Hoa was cited as saying that rubber prices will surge about 30% this year on growing demand and weak supply on the world market.
According to the International Rubber Study Group (IRSG), the world’s demand for natural rubber will keep growing by 2019, of which in 2010 the world’s rubber consumption will be around 10.43 million tons, up 8% from previous year.
But supply from Thailand, Indonesia and Malaysia, which account for 70% of the world’s rubber output, is forecast to decrease 6% due to floods and droughts.
The Information Center for Vietnam Industry and Trade under the Ministry of Industry and Trade said that Vietnamese natural rubber are traded at US$2,900/ton, the highest price since the third quarter of 2008.
Currently, traders from China, the biggest importer of Vietnamese rubber, are boosting purchase as the Chinese government cut import tax on rubber.
Last year, Vietnam exported 726,000 tons of rubber to 71 countries and territories worldwide, earning US$1.2 billion.
China took the lead with total import volume of 489,230 tons worth US$761.46 million, followed by Malaysia and Taiwan. (Investment)
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