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Rubber enterprises earning high profits

Released at: 17:34, 03/08/2017

Rubber enterprises earning high profits

Photo: Internet Archives

Rising global rubber prices to the benefit of local exporters.

by Ngoc Chi

Many rubber enterprises reported big profits in the first seven months of this year, thanks to export rubber prices rising 49 per cent compared to the same period last year.

According to the Ministry of Agriculture and Rural Development, rubber export volumes in July reached 154,000 tons worth $230 million, bringing the total in the first seven months to 639,000 tons worth $1.13 billion, increases of 12.8 per cent in volume and 59.2 per cent in value year-on-year. 

The average export price of rubber in the first seven months reached $1,850.9 per ton, up 49 per cent year-on-year. China, Malaysia, and South Korea are the three largest rubber markets for Vietnam, accounting for 60.3 per cent, 5.4 per cent, and 4.8 per cent, respectively.

Meanwhile, rubber imports in July totaled 47,000 tons worth $87 million, for a figure in the first seven months of 293,000 tons worth $627 million, up 27.8 per cent in volume and 79.9 per cent in value year-on-year.  

Rubber exports to China are stable in terms of quantity but the quality of products is uneven. As at July 13, rubber exports to the country stood at 35,250 tons. 

According to the Association of Natural Rubber Producing Countries (ANRPC), the global natural rubber supply deficit has risen to nearly 600,000 tons, while the association forecasts a deficit of approximately 700,000 tons.  

Vietnam is among the three largest rubber exporters in the world, after Thailand and Indonesia.

In April, it exported the most mixtures of natural and synthetic rubber, at 26,213 tons, worth $47.5 million, accounting for 50.5 per cent of volume. Its SVR 3L rubber output was 8,643 tons, down 5.7 per cent in volume over the previous month, while its SVR 10 rubber export was 5,191 tons, down 11.4 per cent in volume.

China is the leading importer of Vietnamese rubber, accounting for 63.2 per cent, with 190,000 tons worth $383.7 million, a 12.08 per cent rise in volume and nearly 90 per cent in value over the same period last year.

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