Vietnamese rubber industry experienced a fall in export prices in the first two months of 2019. (Photo: vneconomy.vn)
Hanoi (VNA) – The Vietnamese rubber industry enjoyed robust growth inexports but experienced a fall in export prices in the first two months of 2019.
The General Department of Vietnam Customs said that the country gained over 305million USD from shipping more than 237,000 tonnes of rubber abroad inJanuary-February, up 11.5 percent in value and 27.3 percent in volume from thesame time last year.
The average rubber price in February stood at 1,322 USD per tonne, jumping 4percent from the previous month but falling 11.5 percent as compared to thesame month in 2018.
China remained the largest importer in the period as it splashed out more than196 million USD on buying 153,190 tonnes of Vietnamese rubber, a year-on-yearsurge of 35 percent in value and 53.7 percent in quantity. However, the rubberprice dropped 12.1 percent year-on-year to 1,279 USD each tonne.
The rubber price also slid in India, the second biggest consumer of Vietnameserubber. Each tonne of rubber was sold at 1,339 USD in the market, ayear-on-year fall of 12.14 percent. In the two-month period, Vietnam exported21,100 tonnes of rubber to the southern Asian country and pocketed 28.4 millionUSD, shooting 42.87 percent in volume and 23.99 percent in value.
Shipments to the Republic of Korea inched up 7.7 percent in the period whilethose to the US and Germany dwindled 6.6 percent and 13.1 percent,respectively.-VNA
Vietnam’s rubber wood and rubber wood products are exported to over 100 nations and territories, said To Xuan Phuc, a senior policy analyst from Forest Trends, a US-based non-profit organisation.
The rubber industry of Vietnam is facing a dire need to better adapt itself to the market situation as it is likely to be affected by the US-China trade tension that is forecast to not end soon.
Rubber producers must develop specific risk management strategies, which cover market risks and product legality, in order to avoid getting hurt by the current US-China trade tensions, according to To Xuan Phuc, a senior policy analyst from Forest Trends.
Vietnam exported about 1.58 million tonnes of rubber in 2018 – worth 2.1 billion USD and up 14.5 percent in volume, but down 6.6 percent in value year-on-year, the General Department of Vietnam Customs reported.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietnamese rubber industry experienced a fall in export prices in the first two months of 2019.
