Monday, November 18, 2019 2:36:43 AM - Markets open
VN-INDEX 1,010.03 -2.27/-0.22%
HNX-INDEX 106.03 -0.21/-0.20%
UPCOM-INDEX 57.00 +0.29/+0.52%
Vietnam’s rubber exports drop in May
VietnamPlus - 6/19/2019 1:07:40 PM
 (0 ratings. You must sign in to rate.)
 Vietnam's rubber exports fell in May due to China’s changing policies and fears over the US-China trade war, a representative of the Vietnam Rubber Group (VRG) has said.
 
According to the Ministry of Industry and Trade, in May, rubber exports reached 80,000 tonnes, worth 116 million USD, up 6 percent in volume and 7 percent in value compared with April. However, those figures were down 26.5 percent in volume and 26.2 percent in value year-on-year.
 
Fortunately, in the first five months of the year, rubber exports reached 495,000 tonnes, worth 673 million USD, up nearly 12 percent in volume and 4 percent in value year on year.
 
The reduction in May’s export value was due to China’s increase of import tariffs for mixture rubber to 10 percent, said Duong Tuan Anh, deputy head of VRG’s Market Department.
 
Mixture rubber shipped to China made up half of rubber export volume from Vietnam in the first four months of this year.
 
The trade war was also encouraging manufacturers and traders to be cautious over the movements of the global rubber market, especially with the G20 conference in Japan coming at the end of June, he said.
 
The prolonged trade war would affect agricultural exports and rubber exports in particular because China is the largest export market of Vietnam’s rubber, accounting for more than 60 percent of total rubber exports, he said.
 
Meanwhile, the US increased taxes from 10 percent to 25 percent for some rubber products imported from China, including rubber latex, conveyor belts, pneumatic tires, gloves and gaskets from May 10. The China Automobile Manufacturers Association said the US tax policy could have a big impact on the country's auto parts exports. That could lead to reduction in rubber imports from Vietnam for production of auto parts.
 
However, the trade war could attract investment to Vietnam’s rubber industry as firms moved rubber product factories from China to Vietnam to avoid the US tariffs, he said. 
 
Besides those factors, the prolonged hot weather in Vietnam, Thailand and China had slowed rubber output, especially in May - the first month of the new harvest season.
 
However, according to the Association of Natural Rubber Producing Countries (ANRPC), in 2019, supply of rubber would continue to exceed demand with supply of 14.5 million tonnes, including an inventory of 2.9 million tonnes from 2018, with demand of 14.4 million tonnes, Anh said.
 
He noted that the Vietnam Rubber Group had managed nearly 420,000 hectares of rubber in three countries, Vietnam, Laos and Cambodia with total annual consumption of about 400,000 tonnes.-VNS/VNA
 
Read original article here
 
Newer News
17/11 Household businesses to be regulated: NA deputies
16/11 Steel products experience slow consumption in October
13/11 Vietnam urged to promote circular economy
11/11 Vietnam’s exports estimated at 217.05 bln USD in 10 months
09/11 Livestock exports expected to fetch US$1.2 billion this year
07/11 Vietnam’s export tunover surges 7.4 percent in 10 months
03/11 Vietnamese telcos target 5G chipsets and devices
02/11 US forecasts bright outlook for trade with Việt Nam
02/11 EVFTA must bring benefits to people: INTA chief
29/10 Anti-dumping duties on steel products extended for 5 more years
Older News
18/06 Philippine company eyes investment in Vietnam’s tea industry
17/06 Growing Chinese investment in Việt Nam: time to worry?
16/06 Denim production needs green growth
14/06 Vietnam, China step up cooperation in trade, agriculture, logistics
13/06 Large FDI inflows to make Việt Nam among APAC's fastest growing economies
13/06 Building material prices on the rise
12/06 Government to crack down on trade fraud
12/06 Fitch sees positive outlook for Việt Nam
11/06 Việt Nam becomes second largest exporter of lychees
11/06 Public debt within permissible limit: Finance Ministry
 
Newsletter Signup
Top Stories
Reference exchange rate unchanged on November 13
VN-Index slides for second day
Reference exchange rate reverses downward trend on October 23
Prices of Grade A office space rise due to low supply
VN stocks to beat 1,000 points in Q4
Market Update
Last updated at 3:10:01 PM
VN-INDEX 1,010.03 -2.27/-0.22%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.