Processing rubber for export at the Chư Păh Rubber One Member Co Ltd factory in Gia Lai Province. — VNA/VNS Photo

Việt Nam exported 7,260 tonnes of rubber to Malaysia, valued at US$11.5 million in October, surging by 861 per cent in volume and 1,240 per cent in value year-on-year, according to the General Department of Customs.

This also represents a 22.2 per cent increase in volume and a 47.8 per cent rise in value compared to September, marking the highest monthly figures for the year.

From January to October, Malaysia spent $35.2 million to import 24,800 tonnes of rubber, reflecting a 349 per cent increase in volume and a 405 per cent rise in value year-on-year.

This elevated Malaysia to the second-largest market by volume and the third-largest by value for Việt Nam's rubber exports.

In the first ten months of 2024, Việt Nam exported 1.54 million tonnes of rubber, generating over $2.52 billion in revenue.

This represents a 4.9 per cent decline in volume but a 16.4 per cent increase in value compared to the same period in 2023. The average export price stood at $1,638 per tonne, up by 22.4 per cent year-on-year.

China remained Việt Nam's largest rubber export market, accounting for 78.7 per cent of the country’s total rubber exports. Exports to China reached 1.06 million tonnes, valued at $1.7 billion, a 16.8 per cent decrease in volume but a 1.5 per cent rise in value year-on-year.

The first ten months witnessed notable shifts in Việt Nam's rubber export markets. While exports to China, South Korea, Netherlands and Argentina declined year-on-year, substantial growth was recorded in other markets such as India, the US, Germany and notably Malaysia.

Rubber remains a significant export sector for Việt Nam, which ranks fifth globally in plantation area and third in natural rubber production.

According to the Việt Nam Rubber Association (VRA), the country has around 930,000 hectares of rubber plantations, producing about 1.3 million tonnes of latex annually.

Despite the decline in export volume this year, Việt Nam's rubber export value has increased thanks to consistently high export prices.

With these results, rubber export revenue in 2024 is forecast to reach $3-$3.5 billion, an increase of $200-$400 million compared to last year.