Rubber exports plunge in first seven months

HA NOI, (PNA/VNS) — Viet Nam exported 451,000 tonnes of rubber worth US$ 832 million in the first seven months of the year, down 10 percent and 32.3 percent in volume and value respectively over the same period last year.

The export price of rubber averaged about US$ 1,870 per tonne in the first half of this year, 52 percent lower than in 2011.

Due to this, Viet Nam plans to reduce its export volume to one million tonnes for the entire year, down 7 percent from last year.

China remained the largest market, consuming nearly 40 per cent of Viet Nam’s total rubber exports; but both export volume and value to the neighbouring country saw large declines during the period, according to the Viet Nam Rubber Association.

Nearly 139,000 tonnes of rubber products were shipped to China raking in US$ 248 million, representing a year-on-year drop of 42.6 percent in value and 23.6 percent in volume.

Last year, Viet Nam surpassed Malaysia and India to become the third largest rubber producer in the world, according to the Association of Natural Rubber Producing Countries.