Vietnam rubber increases market share in China

Growth in volume and value of rubber exports to China in 2020 has helped Vietnam rubber increase its share in this important market.

According to statistics of the Chinese Customs Service, in the first 11 months of 2020, China's rubber import reached US$9.76 billion, up 4.5% over the same period in 2019. Thailand, Vietnam, Malaysia, Indonesia, and South Korea are the five biggest markets supplying rubber to China.

In the first 11 months of 2020, Vietnam was the second-largest rubber supplier to China with a value worth $1.51 billion, up 14.9% over the same period of 2019.

Thanks to such significant growth, Vietnam's rubber market share in the first 11 months of 2020 accounted for 15.52% among China's total import value, compared to 14.11% in the same period of 2019.

In terms of export categories, Vietnam ranks 2nd among the countries providing natural synthetic rubber blends and 4th in supplying natural rubber to China.

In the first 11 months of 2020, China’s import of natural synthetic rubber blend reached $4.34 billion, up 35.2% over the same period of 2019. Thailand, Vietnam, Malaysia, Indonesia, and Myanmar are the five largest markets that supply such a rubber product category to China.

Việt Nam was the second-largest supplier of natural synthetic rubber in the first 11 months of 2020 with a value worth $1,3 billion, an increase by 30% over the same period of 2019.

The market share of the natural and synthetic rubber blend of Vietnam last year accounted for 29.98% of China's total import value of the same product category, down from 31.18% in 11 months of the previous year.

Meanwhile, in the first 11 months of 2020, China imported natural rubber worth $2.63 billion, a decrease of 13.5% compared to the same period in 2019. China imports natural rubber mainly from markets such as Thailand Lan, Indonesia, Malaysia, Vietnam, and Ivory Coast.

Also in the same period, Vietnam is the fourth largest natural rubber supplier to China with $204.51 million of value, a drop of 32.2% compared to 2019. Market share of Vietnamese natural rubber accounted for 7.77% of China's total imports, down from 9.91% in the first 11 months of 2019.

But according to statistics from the General Department of Vietnam Customs, in the whole year 2020, Vietnam exported 1.36 million tons of rubber to China with a turnover worth $1.83 billion, up 17.3% in volume and 18% in value compared to 2019.