Vietnam's rubber market share in India is shrinking.

China continues to be the largest export market.

According to the latest information from the Import-Export Department ( Ministry of Industry and Trade ), in November 2023, rubber exports increased compared to the previous month, but still decreased compared to the same period last year. According to statistics from the General Department of Customs, in November 2023, Vietnam exported 253.31 thousand tons of rubber, worth 348.43 million USD, an increase of 16.1% in volume and 18.6% in value compared to October 2023; compared to November 2022, there was a decrease of 0.1% in volume, but an increase of 1.3% in value.

In the first 11 months of 2023, rubber exports reached over 1.87 million tons, valued at $2.51 billion, an increase of 0.01% in volume but a decrease of 14.7% in value compared to the same period in 2022.

In the first 11 months of 2023, rubber exports reached over 1.87 million tons, valued at US$2.51 billion, an increase of 0.01% in volume but a decrease of 14.7% in value compared to the same period in 2022. (Illustrative image)

According to the Import-Export Department, in November 2023, the export price of rubber increased slightly compared to the same period last year. Specifically, the average export price of rubber reached US$1,376/ton, an increase of 2.2% compared to October 2023 and an increase of 1.4% compared to November 2022. For the first 11 months of 2023, the average export price of rubber reached US$1,344/ton, a decrease of 14.7% compared to the same period in 2022.

In November 2023, China remained Vietnam's largest rubber export market, accounting for 82.55% of the country's total rubber exports in terms of volume and 81.65% in terms of value, reaching 209.1 thousand tons, worth US$284.5 million, an increase of 16.3% in volume and 18.3% in value compared to October 2023. Compared to November 2022, there was an increase of 0.03% in volume and 2.6% in value. This marks the 10th consecutive month that rubber exports to China have increased compared to the same period in 2022.

The average export price of rubber to China was $1,361 per ton, an increase of 1.8% compared to October 2023 and 2.5% compared to November 2022. In the first 11 months of 2023, Vietnam exported 1.48 million tons of rubber to China, worth $1.96 billion, an increase of 7.9% in volume but a decrease of 5.8% in value compared to the same period in 2022.

Furthermore, according to information from the Import-Export Department, in November 2023, rubber exports to several markets showed good growth compared to the same period last year, notably: Sri Lanka increased by 1,175%; the United States increased by 78.9%; India increased by 56.3%; Japan increased by 52.5%; South Korea increased by 37%...

In the first 11 months of 2023, rubber exports to most markets continued to decline compared to the same period of the previous year, especially to major markets such as India, the United States, Germany, Taiwan, Turkey, Sri Lanka, Russia, Indonesia, and Spain. However, rubber exports to some markets still showed good growth in volume compared to the same period of 2022, including China, South Korea, the Netherlands, Singapore, and the Czech Republic.

Vietnam's rubber market share is shrinking in India.

According to statistics from the Indian Ministry of Commerce, in the first nine months of 2023, India imported 869.51 thousand tons of rubber (HS 4001; 4002; 4003; 4005), worth US$1.58 billion, a decrease of 8.1% in volume and 25.4% in value compared to the same period in 2022. Indonesia, South Korea, Thailand, Malaysia, and Vietnam were the five largest suppliers of rubber to India.

In the Indian market, Vietnam's rubber market share is shrinking compared to the same period in 2022. (Illustrative image)

India's rubber imports from Vietnam decreased sharply in the first nine months of 2023, totaling 77.77 thousand tons, valued at US$114 million, a decrease of 26.5% in volume and 44.8% in value compared to the same period in 2022. Rubber imported from Vietnam accounted for only 8.94% of India's total rubber imports, down from 11.19% in the same period of 2022. In the Indian market, Vietnam's rubber market share is shrinking compared to 2022, while the market share of Indonesia, Thailand, South Korea, and China is increasing significantly.

In the first nine months of 2023, India imported 362.44 thousand tons of natural rubber (HS 4001), valued at US$540.62 million, a decrease of 14.3% in volume and 33.5% in value compared to the same period in 2022. Indonesia, Vietnam, Malaysia, Ivory Coast, and Thailand were the five largest suppliers of natural rubber to India.

Of these, Vietnam was the second largest supplier of natural rubber to India in the first nine months of 2023, with 76.24 thousand tons, worth $111 million, a decrease of 27% in volume and 45.2% in value compared to the same period in 2022. Vietnam's share of natural rubber in India's total imports accounted for 21.04%, a sharp decrease from 24.69% in the same period of 2022.

In this context, many experts recommend that rubber exporting businesses need a strategy to increase the proportion of processed rubber rather than raw rubber to enhance export value. It is predicted that by the end of 2023, rubber export revenue will likely not reach the target of $3.5 billion, but will instead only reach $3 billion.

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