Vietnam exported 285,000 tons of rubber in the first two months of 2023, earning $394 million, according to the Center for Digital Transformation and Agricultural Statistics at the Ministry of Agriculture and Rural Development.

The figures represent a year-on-year decline of 3.2 per cent in volume and 23.1 per cent in value.

In contrast with forecasts, rubber export prices continued to fall in the two-month period, standing at just $1,384 per ton, down 20.6 per cent year-on-year.

The Association of Natural Rubber Production Countries (ANRPC) warned that natural rubber production in 2023 is estimated to reach nearly 14.7 million tons while global demand stands at around 1.048 million tons, meaning the rubber sector may fall into a new period of recession with supply vastly exceeding demand.

Vietnam shipped 2.14 million tons of rubber last year, earning revenue of $3.31 billion. Major export markets are in Asia, which account for 90.6 per cent of total export value. Of the total, 1.84 million tons were exported to the region, earning nearly $3 billion.

China remains the largest importer, with 1.5 million tons last year and representing 79.8 per cent of Vietnam’s total.

Following was India, with over 132,000 tons worth $218 million, then Cambodia, South Korea, and Turkey.