According to a Vietnamese media report on January 4, data from the Ministry of Industry and Trade showed that Vietnam's rubber export volume in 2023 will be about 2.14 million tons, with an export revenue of US$2.89 billion, compared to 2022, the export volume decreased by 0.04% and export revenue by 12.7%. The decrease in export revenue was due to a 12.7% year-on-year decline in average export prices to $1,350 per ton.

In 2023, Vietnam's rubber exports faced many difficulties due to a sharp drop in prices, leading to a decrease in export value compared to the same period last year.

Therefore, the department suggested that in order to increase the value of exports, rubber exporters should adopt the strategy of increasing the rate of rubber processing instead of exporting raw rubber.

In the coming period, Chinese demand will be a key factor influencing the price trend of Vietnamese rubber. In addition, fluctuations in oil prices due to concerns about trade disruptions in the Suez Canal will also indirectly affect rubber prices.In 2024, China's automobile consumption and production activities are expected to increase, leading to increased demand for rubber for the production of tires and other products. Nearly 80% of Vietnam's rubber is exported to China.

Vietnam is now the world's third-largest rubber exporter, selling its products to more than 80 countries and regions, according to the Ministry of Agriculture and Rural Development. Vietnamese rubber is penetrating important markets such as China, the US, Europe, South Korea and India.