Growing demand for rubber has boosted imports from the 10 biggest markets globally, with their strongly increased imports of rubber from Vietnam.
According to the International Trade Center (ITC), rubber imports of most major markets in 2021 surged over the same period from 2020. In which, the strongest increase was seen in markets such as Malaysia, India, Turkey, Brazil, Japan, and the US.
It is worth noting that rubber imports from Vietnam of the 10 largest import markets all increased sharply in value compared to the same period from 2020.
Specifically, the past 11 months of 2021 saw China remain the world’s largest rubber import market, with US$11.35 billion, up 16.2% over 2020’s same period.
Notably, the neighbour’s rubber imports from Vietnam reached US$2 billion, representing a year-on-year rise of 32.2%.
Vietnam’s rubber market share accounted for 17.7% of China’s total rubber import value in the past 11 months of 2021, up 15.5% over the corresponding period from 2020.
Throughout the reviewed period, the US imported rubber worth US$4.192 billion, including US$76.4 million worth of its imports from Vietnam, posting a year-on-year rise of 130.6%.
Last year India’s rubber imports from Vietnam hit US$ 204.6 million, up 137.5% over the same period from 2020.
Vietnam’s rubber market share accounted for 9.4% of the South Asian nation’s total rubber import value during the 11 month period, marking a 6.9% increase on year.
For the remaining markets in the Top 10, their rubber imports from Vietnam last year soared from 40.7% to 98.5%.
Vietnam ranked third in the world in terms of rubber export value, with 3.24 billion USD in 2021, up 36.2 percent from the previous year, the Ministry of Agriculture and Rural Development (MARD) said.
Vietnam is the third-largest exporter of natural rubber in the world. Last year, the country contributed 1.75 million tonnes to the global supply.