In the first nine months of the 2024, rubber exports were estimated at 1.37 m tonnes, worth $2.18 bn, according to the Ministry of Industry and trade. The volume decreased by 2,2% , but the total value of the 2023 increased by 16,4% over the same period.
September 9, Vietnam rubber prices in line with the overall market trend, the synchronization of a sharp rise in the adjustment. In global markets, rubber prices on Asia's main exchanges continued to rise to new highs due to bad weather conditions in major producing areas, raising concerns about supply shortages.
Recent typhoons have severely affected rubber production in Vietnam, China, Thailand and Malaysia, affecting the supply of raw materials during the peak season. In China, Typhoon Yagi caused significant damage to major rubber-producing areas such as Lingao and Chengmai. Hainan rubber group announced that about 230000 hectares of rubber plantation affected by the typhoon, rubber production is expected to be reduced by about 18.000 tons. Although tapping has gradually resumed, but rainy weather still has an impact, resulting in production shortages, processing plants difficult to collect raw rubber.
The move came after the natural rubber producers' Union (ANRPC) raised its forecast for global rubber demand to 15.74 m tonnes and cut its full-year forecast for global natural rubber supply to 14.5 bn tonnes. This will result in a global gap of up to 1.24 million tons of natural rubber this year. According to the forecast, rubber procurement demand will increase in the second half of this year, so rubber prices are likely to remain high.
Post time: Oct-17-2024