The average export price of Vietnamese rubber fell in tandem with the global price. (Photo: cafef.vn)Hanoi (VNA) – The average export price of Vietnamese rubber fell intandem with the global price, affected by the escalating US-China trade war,according to the Agro Processing and Market Development Authority (AgroTrade)under the Ministry of Agriculture and Rural Development.
Rubber price in July slipped 5.9 percent from the previous month to 1,347 USDper tonne. In the first half of the year, each tonne of rubber was sold abroadat an average 1,453 USD, plunging 21.5 percent as compared to the same timelast year.
From the beginning of July, natural rubber prices in the world have experienceddownward trend. Trade tensions between the US and China were billed ascontributing factors to a wave of declines on the world’s rubber prices. InTokyo’s Tocom, rubber price fell 2 percent month-on-month to 1,486 USD pertonne as of July 20. On the Shanghai Futures Exchange, rubber price in July droppedby around 2.8 percent to 1,548 USD per tonne.
In the first seven months of the year, Vietnam earned 997 million USD fromshipping 696,000 tonnes of rubber to foreign countries, declining 10.7 percentin value and up 9.9 percent in volume year on year.
China, India, and Germany were the largest rubber importers of Vietnam in theperiod. Meanwhile, strong growth in import of Vietnam’s rubber was seen in the Indianmarket (35.7 percent), and Indonesia (10.8 percent).
Also, the country splashed out 608 million USD on buying 332,000 tonnes offoreign rubber, up 14.6 percent in volume but down 1.9 percent in value ascompared to the same time last year.
The domestic rubber market has been gloomy. Experts said that besidesincreasing productivity, producers should pay due attention to improve quality ofrubber latex, and diversify kinds of rubber products for exports.
The rubber industry should channel focus on the production of automobile tyres,gloves, and mattresses, they recommended.-VNA
VNA
