2024 rubber exports expected to hit $3.2 bln following price hike

Vietnam exported 912,725 tons of rubber in the first seven months of the year, earning $1.4 billion, according to the General Department of Vietnam Customs.

The figures represent a year-on-year reduction of 7.5% in volume, but an increase of 5.9% in value.

In July alone, over 186,000 tons of rubber were exported, worth $307.9 million. The average export price reached a record high over the past two years, at $1,655 per ton, up 26.8% year-on-year.

The average export price in the seven-month period was estimated at $1,551 per ton, surging 14.5% year-on-year.

China remained the largest importer of Vietnamese rubber in the Jan-July period with 617,033 tons, worth $924.63 million.

Other key markets include India, the Republic of Korea, Russia, Taiwan (China), Turkey, Belgium, Sri Lanka and Malaysia.

The Vietnam Rubber Association forecasts that total rubber export revenue of 2024 is likely to reach $3-3.2 billion.