Vietnam’s rubber exports up 69 pct in value in first 7 months

During the first seven months of this year, Vietnam has exported 349,000 tonnes of rubber, earning $1.5 billion, rising 6.6 percent in quantity and 68.9 percent in value from the same period last year, according to the General Statistical Office (GSO).

In 2011, the country expects to gain an export turnover of $3 billion from rubber and China would be Vietnam’s biggest rubber buyer with some 70 percent, mainly via border trade.

In addition, Vietnam’s natural rubber products have been exported strongly to over 70 different markets such as India, the US, EU, Japan, and is now expanding into markets in Eastern Europe, Middle East, South America and Africa.

Meanwhile, rubber consumption in the domestic market accounted for only 10-15 percent of the total annual rubber latex output. Due to low rubber processing technology, only about 20 percent of natural rubber is processed for export.

 

Category: Business