Vietnam’s rubber industry welcomes 2019 with a robust sales of US$220 million from 175,000 tonnes of rubber shipping.
Rubber exports of Vietnam made a 10.8% increase in value and 28.9% increase in volume compared last year. Further growth is expected this year as global demand tends to rise up to 4.2% or 14.59 million tonnes. This figure is close to this year’s projected sales of 14.84 million tonnes.
However, Tr?n Tu?n Anh, Minister of Industry and Trade, said that exports to India will not see a substantial increase. Bouncing domestic rubber supply and the Indian government’s imposition of high import taxes to help local rubber farmers would curtail Vietnam’s rubber sales expansion in the subcontinent.
In 2018, up to 102,940 tonnes of rubber was sold to India. It accounted to 85.6% increase in quantity with an amount of US$145.39 million or 60.5 % increase in sales compared to the previous year.
Meanwhile, China’s plunging demand has no impact on the exports of Vietnam. China’s demand, which is 40% of the world’s consumption, has slacken from 7.5 % in 2017 and 5.3 % in 2018 to 3.2% this year. Experts are still optimistic that rubber exports will still climb ub despite China’s scenario.
Vietnam ranks 6thin rubber production and exportation which contributes 7% of the world’s rubber production.