Vietnam earned more than 2 billion USD from exporting 1.2 million tonnes of rubber during January-November, up 39 percent in value and 8.4 percent in volume, according to the General Department of Vietnam Customs.

 

This was the first time in four recent years rubber export value exceeded 2 billion USD. The value exceeded 2 billion USD in 2010 then hit a record high of 3.2 billion in 2011. However, export revenue fell sharply during 2014-2016, falling to below 2 billion USD.

 

Sharp rises in rubber export prices have improved the product’s export value. In the first ten months of this year, the average price of rubber increased 32.6 percent to 1,680 USD per tonne. 

 

However, the Ministry of Industry and Trade said global natural rubber prices started to dip from mid-November while rubber supply increased. According to the Association of Natural Rubber Producing Countries, global rubber output as of October went up 5 percent to 10.43 million tonnes.

 

China remained largest importer of Vietnamese rubber. In the first 11 months of the year, the country purchased more than 785,800 tonnes of Vietnamese rubber worth nearly 1.29 billion USD, about 64 percent in quantity and value of the country’s rubber exports.-VNA