Export Prices of Vietnamese Latex Falling Unexpectedly
Vietnamese latex export prices suddenly dropped this week after successive increases over a long period in the past as China, the biggest importer of Vietnamese latex halted importing rubber products.
The average export prices of Vietnamese latex stood at VND39-40 (US$1,886-2,515) per ton this week, presenting decreases of VND4-5 million (US$251-314) from last week, official from the Vietnam Rubber Corporation said.
Local rubber exporters shipped around 221,000 tons of rubber in the first five months of this year, notching up some $375 million, hitting an on year rise of 43 per cent.
The recent soars in latex exports rates have been partly attributed by a growing demand for rubber from the automobile industry.
In May this year, Chinese automobile producers together increased prices of car products by 15 per cent, pulling prices of natural rubber to up to higher level.
Rubber is Vietnam’s second largest export farm product after rice. The country is presently home to more than 70 latex processing factories with total capacities of 20,000 tons per year.
Vietnam has planned to expand its total rubber plantation area to 700,000 hectares by 2020 and raise rubber output to one million annually by the time.
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