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According to foreign media reports on September 1, data released by Vietnam’s General Administration of Customs shows that this year the country’s rubber exports have exceeded 1 million tons, valued at 1.
68 billion US dollars, an increase of 27% and 66.
1% respectively over the previous year
.
Exports, however, have been hit hard, as many companies have had to cut or suspend production because factories are located in lockdown-affected areas or do not have enough workers, said the Import and Export Division of the Ministry of Industry and Trade
.
In addition to this, high freight rates, which are expected to continue into next year due to a shortage of empty containers, are also impacting exports
.
According to customs data, China remains the country's largest export market, accounting for 67.
4 percent of Vietnam's total rubber exports, followed by the EU and India
.
In the first seven months of this year, 643,000 tons of rubber were exported to China; 49,815 tons worth US$89.
79 million were exported to the EU, up 71.
4% and 124.
7% year-on-year respectively; 47,363 tons were exported to India, valued at US$85.
5 million, Year-on-year growth of 70.
6% and 119.
7% respectively
.
The department said that as demand in major markets increases and the economy gradually recovers, rubber exports to these markets will increase
.
It is understood that in the domestic market, the price of raw latex has also risen
.
