Vietnam’s rubber exports in the first two months of 2021 doubled in both volume and value compared to the same period last year, after months of slowdown, according to the Ministry of Agriculture and Rural Development (MARD).
Hanoi (VNA) – Vietnam’s rubber exports in thefirst two months of 2021 doubled in both volume and value compared to the sameperiod last year, after months of slowdown, according to the Ministry ofAgriculture and Rural Development (MARD).
In January – February, rubber shipments reached 320,000tonnes, a jump of 89.9 percent from a year earlier, while value totalled 516million USD, a 2.1-fold increase year-on-year
Rubber price also rebounded, averaging 1,608 USD per tonnein January, up 10.3 percent year-on-year.
China was Vietnam’s top importer, purchasing 72.7 percentof rubber exported by the Southeast Asian country. It was followed by India(4.6 percent) and the Republic of Korea (2.7 percent).
The MARD’s Agro Processing and Market Development Authorityforecast the price will rise further on the back of short supply and surges in internationalbenchmark prices for natural rubber on Japan’s Osaka Exchange (OSE) over theprevious month.
The US’s approval of a 1.9-trillion-USD coronavirus reliefpackage and expected growth of auto sales in China in 2021 also provide a brightoutlook for the global rubber market in the time ahead.
Vietnam exported about 2.3 billion USD worth of rubberannually, making it one of the country’s key currency earners./.
The Vietnam Rubber Industry Group JSC reported 21.17 trillion VND (915.6 million USD) in revenue and 5.23 trillion VND in post-tax profit in 2020, year-on-year increases of 6.9 percent and 36.4 percent, respectively.
The Vietnam Rubber Group (VRG) has announced that it will raise the volume of VRG-branded natural rubber to nearly 323,600 tonnes this year, making up 86 percent of its total exploited output.
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Illustrative photo. (Source: VNA)
