Rubber industry enjoys good start in 2019. (Photo: VNA)Hanoi (VNA) – Vietnam earned 220 million USD from shipping 175,000tonnes of rubber abroad in January, up 10.8 percent in value and 28.9 percentin volume compared to the same month last year.
Experts predict further growth in rubber exports this year with global demand setto rise 4.2 percent to 14.59 million tonnes, while total output is forecast at14.84 million tonnes.
The domestic rubber industry will also benefit from the increase of crude oilprices to push rubber prices up.
However, Chairmanof the Rubber Plastic Manufacturer Association Nguyen Quoc Anh said high stocklevels could exert pressure on rubber suppliers.
Further, demand growth in China, which accounts for 40 percent of globalconsumption, slowed to 3.2 percent from 5.3 percent in 2018 and 7.5 percent in2017 on the country’s economic downturn.
Meanwhile, the Ministry of Industry and Trade believed that rubber exports toIndia were unlikely to see strong expansion like in 2018 as domestic rubbersupply is bouncing back, and the Indian government is carrying out measures tosupport rubber farmers, including increasing import taxes.
Last year, Vietnam sold 102,920 tonnes of rubber in India and earned 145.39million USD, up 85.6 percent in quantity and 60.5 percent in value from theprevious year.-VNA
VNA
