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Rubber earnings tumble 49%
The US$245 million in profit from rubber exports in the first five months of this year is 49 per cent lower than the same period last year, according to the Viet Nam Rubber Association.
The decline was due to the drop in exports to key importers of Vietnamese rubber products, the association said. This month, the country exported 35 million tonnes of rubber, earning $51 million.
Vietnamese rubber is exported to 70 countries and territories, but the main markets are mainland China, South Korea, Taiwan, Singapore, Germany, the US and Japan. Rubber exported to China accounted for 60 per cent of the country’s total rubber export volume.
Tran Thi Thuy Hoa, general secretary of the association, said the export price of rubber in the world market was rising due to increasing demand and a current shortage of supply.
Rubber exports currently fetch $1,500-1,600 per tonne, the highest rate so far this year. However, this price is still $700-800 less per tonne as compared with the same period of last year.
The association had anticipated that this year’s supply and demand levels for rubber in the world market would be lower than that of last year.
Viet Nam was expected to export 700,000 tonnes of rubber this year and earn about $1 billion, which would be significantly less than the $1.6 billion earned last year the Ministry of Agriculture and Rural Development said.
vietnamnews
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