Vietnam exported a total of 42,690 tonnes of rubber during the first half of February, raking in US$62.43 million in the process whilst representing a rise of 144.9 per cent in volume and 139.3 per cent in value compared to the previous 15 days, according to statistics released by the General Department of Vietnam Customs.

The figures mark an increase of 99.3 per cent in volume and 124.5 per cent in value in comparison with the same period from 2019. 

Indeed, the average export price of rubber during the reviewed period stood at US$1,462 per tonne, down 2.3 per cent compared with the previous 15 days, but up 12.6 per cent compared to last year’s corresponding period.

Between the beginning of the year and the end of February 15, the country shipped 132,620 tonnes of rubber abroad, earning US$193.54 million in the process, a fall of 25.8 per cent in volume and a 15 per cent drop in value.

The average export price was at US$1,459 per tonne, an increase of 14.5 per cent on-year.

According to the Import and Export Department under the Ministry of Industry and Trade, the country’s rubber exports largely depend on the consumption demand coming from China. Therefore, any fluctuations in the northern neighbour’s rubber demand will cause a great impact on the domestic rubber industry.

As a result of the impact of the novel coronavirus epidemic (COVID-19) which hit during the first quarter of this year, rubber exports to China are expected to experience a downward trajectory.

According to statistics, the first quarters of both 2018 and 2019 saw the nation’s rubber exports to the Chinese market account for between 15 per cent and 20 per cent of all rubber exports to this vast market for the whole year.