Vietnam exported 757,600 tons of rubber for over US$1 billion to China in the first seven months of this year, accounting for 99.8% of its total rubber exports.
Vietnam is China’s second largest rubber supplier after Thailand.
Its shipments to China were up 12% in volume but down 10% in value year-on-year. The price in July was $1,291 per ton, down 17.9%.
The Ministry of Industry and Trade’s import-export department forecast rubber exports to China to keep rising in the next few months due to a steady increase in demand.
The Chinese government has rolled out a series of policies to support the economy after post-pandemic recovery slowed down.
Vietnam exported over 2.1 million tons of rubber worth $3.3 billion last year, up 9.7% in volume and 1% in value from 2021.