Rubber export to South Korea increased sharply

Vietnam's rubber exported to South Korea increased sharply in the first ten months of 2021. Vietnam is South Korea’s fourth-largest rubber supplier.

Vietnam is South Korea’s fourth-largest rubber supplier. Photo: TL.

According to Vietnam General Department of Customs, Vietnam’s rubber exports to South Korea reached 37.62 thousand tons in the first ten months of 2021, valued at USD 68.87 million, an increase of 57.8% in volume and 95.2% in value compared to the same session of 2020.

The SVR 10 variety is the most exported to South Korea in particular. SVR 10 accounts for 25.6% of the total rubber volume exported to South Korea during the ten months period in 2021 with 9.62 thousand tons, worth USD 16.01 million, up 68.5% in volume and 109.7% in value over the same period last year.

Most rubber varieties exported to South Korea all gained sharp growth in both volume and value compared to the same period in 2020. Several prime examples include SVR 20 (up 2,283.4% in volume and 2,781.2% in value), RSS3 (up 149.2% in volume and 238.8% in value), and the aforementioned SVR 10.

The average export price of all rubber varieties to South Korea in ten months of 2021 experiences a sharp increase over the same period in 2020. Some major increase include: crepe rubber up 127.3%; RSS3 up 36%; latex up 34.7%; SVR 3L up 28.9%, etc.

According to South Korea Customs Service, up until October 2021 the nation has imported approximately 461,290 tons of rubber, worth USD 952.9 million, an increase of 16.5% in volume and 41.1% in value in comparison to the same period in 2020.

Indonesia, Thailand, China, Vietnam and the USA are the five largest markets supplying rubber for South Korea. Imports from these markets all show an increase this year.

Up until October 2021, Vietnam is the fourth-largest market supplying rubber for South Korea, reaching 35,880 tons, valued at USD 68.76 million, up 32.3% in volume and 68.6% in value over the same period the year before.

Vietnam accounts for 7,8% of the rubber market share in terms of South Korea's total import volume.