According to preliminary statistics from the General Department of Customs, the export of rubber products in August reached $100.1 million, a decrease of 0.2% compared to July 2023. Overall, in the first eight months of the year, exports of this item totaled $716.1 million, a 5.9% decrease compared to the same period in 2022.
Among the export markets, Russia is one of the markets experiencing strong growth in importing Vietnamese rubber products. Specifically, in August, exports of this item to Russia reached $778,599, a slight decrease of 2% compared to July 2023. Overall, in the first eight months of the year, exports of various types of rubber to Russia generated over $6.6 million, a 4.2-fold increase compared to the same period in 2022.
However, despite witnessing record export turnover, the Russian market only accounts for less than 1% of Vietnam's rubber product exports in the first eight months of the year.
In 2022, Russia spent over $5.15 million to import rubber products from Vietnam, an increase of 56.64% compared to 2021. Thus, in the first eight months of the year, the export turnover of rubber products has surpassed the total of the entire year of 2022.
Regarding trade, in August 2023, Vietnam exported over $115.7 million to Russia. Overall, in the first eight months of the year, Vietnam earned over $1.06 billion from Russia through commodity exports, a decrease of 4.2% compared to the same period in 2022.
In the rubber industry, Russia is considered a potential market as it continues to increase imports of Vietnamese rubber products. Forecasts suggest that Russia's synthetic rubber imports are expected to reach $235 million in 2026, with an annual growth rate of 5.9%. In 2021, Russia was the 24th largest importer of synthetic rubber with $210 million, following Romania, the United States, Germany, and Malaysia. It is forecasted that in the second half of 2023, Russia will remain a potential market for Vietnamese rubber and rubber products.
In Vietnam, according to the Vietnam Rubber Association (VRA), in 2022, the area of Vietnamese rubber reached 929.5 thousand hectares, with a production volume of nearly 1.29 million tons. The total export turnover of the entire rubber industry is estimated at $10.4 billion, accounting for 2.8% of the country's total export turnover, an increase of 9.1% compared to 2021. Specifically, rubber products achieved the highest turnover ($4.2 billion), followed by natural rubber (over $3.3 billion), and rubber wood ($2.8 billion).
Despite facing obstacles from political factors worldwide and the impact of the post-Covid-19 market, Vietnam's rubber industry continues to maintain its fifth position in terms of area, third in terms of natural rubber production globally, and leading in productivity in the Asia region. The export activities of three groups of rubber product items, including natural rubber, wood, and rubber wood products, continue to maintain positive growth trends.
