Sharp increase in prices of rubber product exported to the US

Rubber exports to the US rose in both volume and value in the first 8 months of the year. Prices of most rubber products exported to the US increased sharply.

Sharp increase in prices of rubber product exported to the US. Photo: TL

According to the General Department of Customs, in the first 8 months of 2021, Vietnam's rubber exports to the US reached 26.08 thousand tons, worth 45.37 million USD, up by 92.3% in volume and by 144.6 % in value over the same period in 2020; the average export price reached 1,740 USD/ton, up by 27.2% over the same period in 2020.

In which, Latex is exported the most to the US, accounting for 32.7% of the total rubber exported to the US in the first 8 months of 2021, at 8.53 thousand tons, worth 10.93 million USD, an increase of 167.1% in volume and 248.7% in value over the same period in 2020. The average export price reached 1,280 USD/ton, up by 30.6% over the same period in 2020.

Generally, in the first 8 months of 2021, most of the rubber exported to the US achieved strong growth in both volume and value compared to the same period in 2020, notably: SVR 10 an increase of 322.7 % in volume and 474.4% in value; RSS1 increased by 149.7% in volume and 165.3% in value…

The average export price of all rubber types to the US in the first 8 months of 2021 increased sharply compared to the same period in 2020, of which the strongest increase was RSS3 with an increase of 52.1%; RSS1 increased by 47.1%; SVR 10 by 35.9%; SVR CV50 by 30.1%...

The US economy is gradually recovering, US rubber demand is forecasted to grow until 2023, thanks to increasing demand for rubber products. Increased demand along with climate change and supply chain disruptions due to the impact of the Covid-19 pandemic are challenges facing the US rubber and rubber tire industry at the moment.

The Department of Import-Export (Ministry of Industry and Trade) forecasts that rubber exports to the US will continue to increase in the last few months of 2021.