VINACHEM

Vietnam exported 5,080 tonnes of rubber worth US$8.02 million to the Republic of Korea (RoK) in the opening two months of the year, down 16.5% in volume and 29.6% in value year on year, according to the General Department of Vietnam Customs.

The average export price of rubber to the market also dropped by 15.7% to US$1,576 per tonne against the same period from last year.

Throughout the reviewed period, businesses exported mainly natural rubber to the RoK, of which the SVR CV60 type accounted for 39.35% of the total volume, followed by SVR 10 and SVR 3L, making up 29.83% and 22.01% respectively.

The average export price of all types of rubber to the RoK experienced a downward trajectory, with the strongest decrease of 19.4% recorded in the SVR 10 type.

Meanwhile, the Korean Customs Service reported that the RoK imported 85,230 tonnes of rubber worth US$162.88 million over the past two months, up 1.3% in volume but down 7.7% in value year on year. Thailand, Indonesia, China, Vietnam, and the Philippines were the five largest suppliers of rubber to the market.

Experts pointed out that although Vietnam is the fourth largest supplier of rubber to the RoK, it must compete with regional rivals such as Thailand, Indonesia, and China, leading to a shrinkage in rubber market share.

They therefore advised local businesses to diversify products as part of efforts to enhance their competitiveness and further accelerate rubber exports to this market moving forward.  – VOV –