This also marks a 22.2% increase in volume and a 47.8% rise in value compared to September, marking the highest monthly figures for the year.
During the 10-month period, Malaysia spent US$35.2 million on importing 24,800 tonnes of rubber, posting a 349% increase in volume and a 405% rise in value on-year, to make Malaysia the second-largest market by volume and the third-largest by value for Vietnamese rubber exports.
Throughout the reviewed period, the nation exported 1.54 million tonnes of rubber, generating more than US$2.52 billion in revenue.
China remained the country’s largest rubber export market, accounting for 78.7% of total Vietnamese rubber exports. Exports to China hit 1.06 million tonnes, valued at US$1.7 billion, a 16.8% fall in volume but a 1.5% rise in value on-year.
The first 10 months of the year witnessed notable shifts in Vietnamese rubber export markets. While exports to China, the Republic of Korea, the Netherlands, and Argentina all dropped on-year, substantial growth was recorded in other markets such as India, the United States, Germany, and notably Malaysia.
Rubber remains a significant export sector for Vietnam, which ranks fifth globally in plantation area and third in natural rubber production.
According to information provided by the Vietnam Rubber Association (VRA), the nation has roughly 930,000 hectares of rubber plantations, producing about 1.3 million tonnes of latex annually.
Despite seeing a decline in terms of export volume this year, Vietnamese rubber export value has increased thanks to consistently high export prices.
As a result, rubber export revenue this year are anticipated to reach between US$3 billion and US$3.5 billion, an increase of US$200 million to US$400 million compared to last year.
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