Vietnam's rubber exports reach US$1.7 billion in eight months

With this result, the whole year's turnover is forecast to hit US$3 - US$3.5 billion, equivalent to an increase of US$200 - US$400 million compared to last year.

The export volume stood at 209,726 tonnes in August to bring home nearly US$345 million, up 12.7% in volume and 12% in value compared to the previous month, according to the General Department of Customs.

The average export price was US$1,637 per tonne, falling about 1.1% month-on-month but rising some 26.8% year-on-year.

During the first eight months, about 1.12 million tonnes of rubber worth US$1.76 billion was shipped abroad, down 7.2% in volume but up 8.4% in value year-on-year.

The country currently has a latex output of 1.3 million tonnes per year from 910,000 hectares of rubber plantations, reported the Vietnam Rubber Association.

Every year, more than 300,000 tonnes of rubber are used in processing and manufacturing, leaving a large amount of raw material for export. This has opened up considerable export potential for the local industry, especially in the context of possible global supply shortages in the 2024 - 2025 period.