In July 2024, India was the second largest rubber export market of Vietnam.

Rubber exports have earned more than 1 billion USD. Reduced demand from the Chinese market has cooled down rubber prices.

The Import-Export Department ( Ministry of Industry and Trade ) cited statistics from the General Department of Vietnam Customs, saying that in July 2024, Vietnam exported 16,120 tons of rubber to India, worth 28.48 million USD, up 50.4% in volume and 56% in value compared to June 2024; down 3.7% in volume but up 25.2% in value compared to July 2023. Thus, in July 2024, India was Vietnam's second largest rubber export market.

In July 2024, India was Vietnam's second largest rubber export market (Photo: Vietnambiz.vn)

In the first 7 months of 2024, Vietnam's rubber exports to India reached 74.27 thousand tons, worth 122.89 million USD, up 19.9% in volume and 42.9% in value over the same period in 2023.

In the first 7 months of 2024, Vietnam mainly exported natural rubber to India. Of which, SVR 10 rubber was exported to India the most, accounting for 55.12% of the total rubber exported to India with 40.94 thousand tons, worth 65.1 million USD, up 39.9% in volume and 62.8% in value over the same period in 2023.

Ranked second is SVR 3L rubber, accounting for 25.86% of the total rubber exported to India, with 19.2 thousand tons, worth 33.16 million USD, up 30.5% in volume and 52.6% in value over the same period in 2023.

Ranked third is RSS3 rubber, accounting for 7.72% of the total rubber exported to India with 5.73 thousand tons, worth 10.61 million USD, down 9.3% in volume, but up 10.4% in value over the same period in 2023.

Although the export volume and value of some rubber varieties to India decreased compared to the same period in 2023 such as: Latex, SVR 20, SVR CV50, RSS1... However, the export of some rubber varieties still grew well such as: SVR CV60, SVR 5, synthetic rubber...

In the first 7 months of 2024, the average export price of most rubber varieties to India increased compared to the same period in 2023, of which the strongest increase was Latex up 31.6%; RSS1 up 31%; RSS3 up 21.7%; SVR 3L up 17%; SVR 10 up 16.4%; SVR CV60 up 15.6%; SVR CV50 up 15.3%...

The Import-Export Department believes that in the coming time, due to the lack of domestic supply, India is expected to increase rubber imports, thereby positively affecting Vietnam's rubber exports. India's rubber output has decreased due to unfavorable weather conditions, with the output in the 2023/24 crop year estimated at 857 thousand tons, while consumption demand is up to 1.4 million tons. This shows that natural rubber imports into India will continue to increase in the coming time.

Currently, India's auto and medical equipment industries are recording positive growth, leading to increased demand for natural rubber. Normally, Indian manufacturers will increase rubber imports before the market enters the rainy season, making rubber tapping difficult. But this year, imports are facing many difficulties due to port congestion and a lack of empty containers.

Source: https://congthuong.vn/thang-72024-an-do-la-thi-truong-xuat-khau-cao-su-lon-thu-2-cua-viet-nam-342778.html