DEMAND OVER SUPPLY – RUBBER EXPORT BENEFITS

Rubber demand for the medical and industrial sectors is forecasted to recover strongly after the world's major economies open up and trade is more active. These dynamics, along with supply and demand factors, can help Vietnam's rubber export output and prices take the throne in 2022.

Recently, the Association of Natural Rubber Producing Countries (ANRPC) estimated that the global rubber output in 2022 will reach about 14.5 million tons, with consumption at 14.3-14.8 million tons. Rubber consumption is forecast to increase by 2.5%, while output in 2022 may be less than demand.

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Photo: Illustrated

Therefore, ANRPC forecasts that the prospect of the rubber industry in 2022 will be very bright. Rubber prices will continue to stay high thanks to weather factors and the COVID-19 epidemic causing an increase in demand for rubber gloves and personal protective clothing.

This is also having a positive impact on the Vietnamese rubber market. Specifically, in the first four months of the year, rubber exports reached 485 thousand tons, worth $857 million, up 4% in production and 9% in value over the same period in 2021.

(Source: Import-Export Department)

A representative of the Vietnam Rubber Association (VRA) said that Vietnamese businesses benefit when China, Vietnam's largest rubber importer, needs about 385,000 tons per month.

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