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Rubber export turnover falls with world price
Viet Nam exported about 331,000 tonnes of rubber in the first seven months of the year, an increase of 4.7 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development.
Despite the increase in export volume, however, turnover fell 43.5 per cent to $475 million because of a fall in the world rubber price, the ministry said.
In just July, about 80,000 tonnes of rubber was exported, an increase of 17.8 per cent over June. The country earned $117 million, up 18.1 per cent compared to the previous month.
The export market in the first seven months of the year was largely stable.
Exports to mainland China, the largest market for Vietnamese rubber, increased by 6.95 per cent over the same period last year. The next biggest importers of Vietnamese rubber were Malaysia, Germany and Taiwan. The country exports rubber to 70 countries and territories.
After dropping in the first months of the year, the price of Vietnamese rubber increased by $150 a tonne towards the end of July and now stands at about $1,700-$1,750 a tonne.
"The price of rubber is increasing because demand in the market is stronger than supply," said Tran Thi Thuy Hoa, general secretary of the Viet Nam Rubber Association. At current prices, farmers could earn profits of between $300 and $400 a tonne, while exporters could reap a further $200 per tonne, Hoa said.
The association predicts that the rubber price on the world market will not increase much further because of petrol price hikes and falling demand.
This year, the ministry forecasts the country could export 700,000 tonnes of rubber, worth about $1 billion, compared to last year’s $1.59 billion.
vietnamnews
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