Ruber sector exports hit record high of $10.2 bln

Vietnam exported approximately two million tons of rubber in 2024, valued at $3.4 billion, as reported by Vietnam Customs.

This represents a 6.2% decrease in volume but an 18.2% increase in value compared to 2023.

Previously, Vietnam's rubber export turnover peaked at $3.3 billion in 2022, then decreased to $2.89 billion in 2023. With the results of 2024, rubber exports have surpassed the value of 2022, setting a record high.

According to the Vietnam Rubber Association (VRA) the export value of $3.4 billion published by Vietnam Customs only includes the export of raw and semi-processed rubber latex. In reality, the total export value of the entire rubber industry in 2024 reached $10.2 billion, also a record high. This includes the export of deep-processed rubber products, such as car tires, rubber gloves, and other products, which reached $4.5 billion, and the export of rubber wood, estimated at $2.3 billion.

China remains the leading market for Vietnamese rubber, accounting for 72% of the volume and 71% of the value in 2024.

The strong increase in rubber export value in 2024 is primarily due to rising export rubber prices, the VRA remarked.

It anticipates that in 2025, the total export turnover of the entire industry will reach $11-11.2 billion, representing a 10% increase compared to 2024.