Friday, March 29, 2024 8:42:14 AM - Markets open
VN-INDEX 1,290.18 +7.09/+0.55%
HNX-INDEX 243.92 +1.07/+0.44%
UPCOM-INDEX 91.48 +0.30/+0.33%
Rubber exports recover strong growth in 2021
Vietnam News - 1/14/2022 4:51:32 PM
 (0 ratings. You must sign in to rate.)
The domestic rubber industry had a strong recovery in export turnover last year, after 10 years of plunging due to a strong reduction in the export price of rubber.
 
Vietnamese rubber products are exported to more than 80 countries and territories in the world. Việt Nam now ranks third on the global market in terms of export value.
 
According to the Ministry of Agriculture and Rural Development, Việt Nam's rubber exports in 2021 reached 1.93 million tonnes, earning US$3.24 billion. The exports rose by 11.7 per cent in volume and 36.2 per cent in value on year. The strong growth in value was due to the continuous increase in export rubber prices.
 
The industry achieved the export turnover of $3.2 billion in 2011 due to the record high export rubber price. However, in nine following years, the rubber export turnover dropped below $3 billion due to the sharp decline in export rubber prices, even falling to below $2 billion. By 2020, thanks to the recovery of export prices, the rubber export turnover reached $2.38 billion.
 
In addition, Vietnamese rubber products entered many key markets, partly pushing the total rubber export value up in 2021.
 
Last year, rubber exports grew strongly in many key markets, such as the US, EU, Malaysia, South Korea and India.
 
In the first 10 months of 2021, exports surged by 96.4 per cent in volume and 153.6 per cent in value to India; 57.8 per cent in volume and 95.2 per cent in value to South Korea; 80.5 per cent in volume and 130 per cent in value to the US; and 79 per cent in volume and 129.7 per cent in value to Germany.
 
China continued to be the largest export market for Vietnamese rubber products with the exports of 1.2 million tons of rubber, earning $1.96 billion in 11 months of 2021, according to the General Department of Customs. The export increased by 1.71 per cent in volume and 26.3 per cent in value over the same period in 2020.
 
Trần Ngọc Thuận, chairman of the Việt Nam Rubber Association (VRA), said rubber was a key export agricultural product, accounting for a large part of the total export turnover of Việt Nam's agricultural products.
 
In 2021, the rubber industry achieved impressive growth in exports despite COVID-19. Many processed rubber products such as tires, gloves and rubber gaskets had a large segment in the industry's export turnover.
 
According to the association, the scarcity of rubber materials made the export price rise in 2021. The global natural rubber supply was in short due to a prolonged rainy season in some Asian countries.
 
That low supply of latex is likely to continue in 2022, leading to the price to continue to be high.
 
Meanwhile, the easing of restrictions related to the pandemic would significantly contribute to the recovery of rubber demand in 2022, such as the reopening of international borders of some countries and the resumption of more economic activities using rubber.
 
Therefore, the prospect of the domestic rubber industry in 2022 will be very bright, with strong growth in exports and export prices continuing to stay high.
 
The industry expects its export value of rubber to reach $3.5 billion for this year, according to the association
 
However, regional and world markets are forecast to continue to experience complicated and unpredictable developments such as slow economic growth, trade wars between major economies, and increasing use of technical barriers and trade remedies. Other factors include the impact from Industry 4.0 and customer demand for sustainable products.
 
The Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development are coordinating with localities, associations and businesses to implement solutions on developing the value chain for Việt Nam's rubber industry and increasing connection between production and export. It will develop products associated with branding in a sustainable manner. — VNS
 
Read original article here
 
Newer News
28/03 Petrol prices increase on March 28
23/03 Rubber exports hit $160 million in Feb
23/03 Infrastructure to promote real estate market
20/03 Việt Nam ranks third in crypto gains in 2023
20/03 Việt Nam: A typical ASEAN trading partner of Mercosur
15/03 Petrol prices decrease slightly in latest adjustment
15/03 HCM City urged to create breakthroughs in foreign investment attraction
15/03 Japan seeks to boost seafood processing collaboration with Việt Nam
15/03 Việt Nam's rice exports to Senegal remain low compared to demand
15/03 Northern power corp’s output up 12.02 per cent
Older News
13/01 Southern key economic region receives large inflow of foreign investment in 2021
13/01 Vietnam’s economic growth forecast to rebound strongly in 2022
11/01 Petrol prices rise for first time this year
10/01 Domestic logistics industry to focus on value-added services
06/01 Vietnam-EU trade increases 14.8 percent in 2021
05/01 Industrial production rises 4.82% in 2021
04/01 Việt Nam’s growth rates of 6.3% in 2022 and 6.8% in 2023 'feasible': UNDP Senior Economist
29/12 Vietnam posts trade surplus of 4 billion USD in 2021
29/12 Vietnam’s GDP grows by 2.58 percent in 2021: GSO
28/12 Domestic tourism vital to revive flagging industry
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,290.18 +7.09/+0.55%
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.