Vietnam's rubber exports continue to increase so far this year, but still faces many headwinds

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
.