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Vietnam Import Export News

Vietnam Business » Vietnam Import Export News » Vietnam rubber export increase in first seven month of year 2010

Vietnam rubber export increase in first seven month of year 2010

The natural rubber price has risen rapidly since the beginning of August, as Chinese importers have returned to Vietnam to seek supplies after they unexpectedly reduced imports in May and June. At the same time, other markets, including Malaysia, the Republic of Korea, Taiwan and India, have also expanded rubber imports.

Vietnamese natural rubber producers are optimistic about 2010 exports, after enjoying growth of 2.3 percent in quantity and 92.4 percent in value in the first seven months of the year over the same period of 2009. While rubber demand has climbed sharply, Thailand, Malaysia, Indonesia and Vietnam have been responding slowly due to bad weather. As a result, the rubber price has risen, hitting $410 per ton in April 2010. The price dropped dramatically, but bounced back in mid-June. Tran Thi Thuy Hoa, Secretary General of Vietnam Rubber Association (VRA), agreed that bad weather had affected prices. He also explained that China, Vietnams biggest rubber importer, which consumes 60 percent of export volume, restricted imports and sold rubber stocks in the same period. Now, rubber has bounced back. According to the Ministry of Industry and Trade, in July 2010, Vietnam exported 85,000 tons, worth $237 million, an increase of 46.7 percent in quantity and 44.5 percent in value in comparison with June 2010. If comparing with last year, exports increased by 2.3 percent in quantity and 92.4 percent in value. As such, the volume of natural rubber exports reached 324,000 tons, worth $893 million, in the first seven months. Though the export volume decreased slightly by 3.4 percent, the value still increased by 85 percent. The satisfactory export report has encouraged VRA, which believes that Vietnamese companies can fulfill 2010 export plans. With an estimated output of 770,000 tons of latex, Vietnams rubber export revenue may reach $1.5 billion in 2010, an increase of 22.3 percent over 2009. However, Hoa from VRA noted that exporters still worry about China. The country regularly changes its policy on cross-border trade and Vietnams rubber exports via border crossings account for up to 80 percent of total exports. In order to minimize the impact of Chinas policy, VRA has advised member companies to increase exports to China through official channels and expand exports to markets like Europe, America and other Asian countries. Already markets like Malaysia, Taiwan, South Korea, the US, Russia and India have increased rubber imports from Vietnam. VRA has also requested that relevant ministries and the commercial affairs section of Vietnams embassy in China provide updated information about policy changes, so that Vietnamese enterprises react in a timely manner. Besides natural rubber, the export of rubber-made products has also grown. In the first seven months, the products brought $145 million, increasing by 87 percent over the same period of 2009.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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