Ample room remains for Vietnamese rubber exports to US

04:15 PM @ Thursday - 30 May, 2024

Although Vietnam’s rubber market share in the US remains modest, the potential for the export of the product to the North American country is huge, according to the Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade.

A report from the agency showed that the US was Vietnam’s 10th largest rubber buyer last month. In April alone, Vietnam exported nearly 1,090 tonnes of rubber valued at US$1.87 million to the US, marking an increase of 0.3 percent in volume and 17.5 percent in value compared to the same period last year, the agency said, citing statistics from the General Department of Customs.

The country shipped nearly 7,460 tonnes of rubber worth US$11.7 million in the first four months of 2024, up 37.1 percent in volume and 58.2 percent in value year-on-year.

Industry experts said that Vietnam’s rubber exports to the US are expected to bounce back this year.

According to the AFT, Vietnam's rubber exports to this potential market in the reviewed period were mainly natural rubber. Among them, latex accounted for 31 percent of the total rubber exports with 2,310 tonnes worth US$2.89 million, down 7.3 percent in volume but up 12.3 percent in value.

During the reviewed period, the export volume and value of some types of rubber to the US also increased sharply compared to the corresponding period last year.

Statistics released by the US International Trade Commission showed that in the first three months of this year, the US imported 443,120 tonnes of rubber worth US$893.4 million, up 0.2 percent in volume, but down 3 percent in value year-on-year.

Indonesia, Thailand, Canada, the Republic of Korea, and the Ivory Coast were the five largest rubber suppliers to the US during the period.   – SGGP