Vietnam’s rubber export revenue is forecast to hit $3 billion in 2024 following price hike, according to the Vietnam Rubber Association (VRA).

The country exported 250,000 tons of rubber in September, earning $424 million, marking a year-on-year increase of 29.2% in volume and 68.4% in value, figures from the Ministry of Agriculture and Rural Development show.

The average export price in September reached $1,697 per ton, up 3.2% against August and 30.3% compared to the same period last year.

In the first three quarters of 2024, Vietnam exported 1.37 million tons of rubber, worth $2.18 billion. The figures represent a year-on-year decrease of 2.2% in volume but a year-on-year growth of 16.4% in value.

The average export price in the nine-month period hit $1,592 per ton, soaring 19% year-on-year.

In the global market, rubber prices at key transaction floors in Asia kept increasing.

The increase in rubber prices is due to a decrease in global rubber production.

The global rubber demand in 2024 is estimated at 15.74 million tons while the supply is expected at around 14.5 million tons, according to the Association of Natural Rubber Producing Countries.