The import and export management department of Vietnam's Ministry of Industry and Trade said that as the US dollar has entered a bullish cycle, as a safe haven against inflation, Vietnam's rubber export difficulties still exist in the fourth quarter.
According to experts, when the dollar appreciates, the price of latex tends to fall. In addition, the long-term rainstorm during the peak harvest this year also affected the latex production.
The Ministry of Commerce quoted the data of the General Administration of Customs as saying that Vietnam's rubber export in the third quarter was 609170 tons, valued at 93086 million US dollars, and the export volume increased by 6%. However, due to the price decline, the value decreased by 1.8% year-on-year.
China is still the largest importer of rubber from Vietnam. It imports 453060 tons of rubber with a value of 669.14 million US dollars, an increase of 10.4% and a year-on-year increase of 0.5%. It accounts for 70.2% of Vietnam's total rubber exports.
India ranked second with 42040 tons and a value of 69.64 million US dollars, with an annual increase of 25.1% and a value increase of 18.3%.