| In July 2023, rubber exports reached the highest level since the beginning of 2023. What active ingredients are tested for when exporting chili to the Korean market? |
The Import-Export Department ( Ministry of Industry and Trade ) cited statistics from the General Department of Customs, saying that in the first 7 months of 2023, Vietnam's rubber exports to South Korea reached 26.25 thousand tons, worth 38.64 million USD, up 3.3% in volume, but down 16% in value compared to the same period in 2022. The average export price of rubber to this market was at 1,472 USD/ton, down 18.7% compared to the same period in 2022.
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| Vietnam is the 4th largest rubber supplier to Korea. |
In the first 7 months of 2023, Vietnam mainly exported natural rubber to the Korean market. Of which, the SVR 10 variety was exported to Korea the most, accounting for 25.74% of the total rubber exported to Korea in the first 7 months of 2023. The second variety was the SVR CV60 variety, accounting for 22.02% and the SVR 20 variety, accounting for 19.56% of the total rubber exported to Korea.
The average export prices of all rubber varieties to Korea in the first 7 months of 2023 mostly decreased sharply compared to the same period in 2022, of which the sharpest decrease was SVR 10 down 20.8%; RSS3 down 20.2%; SVR CV60 down 19.1%; Latex down 18.8%; SVR 3L down 18.5%; SVR 20 down 18%...
According to statistics from the Korean Customs Service, in the first 7 months of 2023, Korea imported 273.78 thousand tons of rubber (HS 4001, 4002, 4003, 4005), worth 534.47 million USD, down 10.9% in volume and 20.5% in value compared to the same period in 2022. Of which, Thailand, Indonesia, China, Vietnam and Japan are the 5 largest markets supplying rubber to Korea. Except for Indonesia and China, Korea's rubber imports from these markets decreased in both volume and value compared to the same period in 2022.
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In the first 7 months of 2023, Vietnam was the 4th largest rubber supplier to Korea with 17.67 thousand tons, worth 27.52 million USD, down 32% in volume and 44.2% in value compared to the same period in 2022. Vietnam's rubber market share accounted for 6.46% of Korea's total rubber imports, lower than the 8.46% in the first 7 months of 2022. Notably, Korea's rubber imports from Cambodia increased sharply compared to the same period in 2022.
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