INDIA INCREASE IMPORTS OF VIETNAM'S NATURAL RUBBER

The market share of Vietnam's rubber exports to India increased sharply

According to statistics of the Ministry of Commerce of India, in 2021, India imported 1.2 million tons of rubber (HS code 4001; 4002; 4003; 4005), worth 3.75 billion USD, up 34, 8% in volume and 37.5% in value compared to 2020.

Indonesia, Korea, Vietnam, Malaysia, and Thailand are the 5 largest markets supplying rubber to India. Notably, rubber imports from these markets have grown strongly in both production and value compared to 2020.

In 2021, Vietnam is the third-largest market to supply rubber to India with 125.95 thousand tons, worth USD 243.56 million, up 85.9% in production and 142.3% in value compared to 2020.

Rubber imported from Vietnam accounted for 10.5% of India's total rubber imports, higher than 7.6% in 2020.

Source: Calculations from the Department of Commerce of India

Structure of import categories: In 2021, India imported 525.35 thousand tons of natural rubber (HS code: 4001), worth US$971.49 million, up 39.1% in production and 78.9% in value compared to 2020.

Vietnam is the second-largest market supplying natural rubber to India with 124.19 thousand tons, worth 237.35 million USD, up 84.9% in production and 138.8% in value compared to 2020.

Vietnam's natural rubber market share in India's total imports in 2021 accounted for 23.6%, up sharply from 17.8% in 2020.

The main market structure supplying natural rubber to India in 2021 had changed when the rubber market shares of Indonesia and Singapore in India's total imports have decreased, while the market shares of Vietnam, Malaysia, Ivory Coast, and Thailand have increased.

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Source: Calculations from the Department of Commerce of India

In 2021, India imported synthetic rubber (HS code: 4002), with 564.64 thousand tons, worth 1.25 billion USD, up 33.6% in production and 74% in value over 2020.

South Korea, Russia, Japan, Singapore, and the United States are the 5 largest supplying markets for India, except for Singapore, rubber imports from these markets all increased significantly compared to 2020.

In 2021, the market share of synthetic rubber of Korea, Japan, and Singapore in total imports of India decreased, the market share of Russia and the United States increased sharply. Vietnam's synthetic rubber market share accounted for only 0.31% of India's total imports.

The price of rubber fluctuates unevenly

In February 2022, the price of rubber at major exchanges fluctuated unevenly, in Japan and Thailand the price increased sharply, while it decreased in Shanghai, according to the latest report from the Import-Export Bureau (Ministry of Industry and Trade). Rubber prices today (March 5) on both Japanese and Chinese bourses also continued to decline.

Accordingly, at the Tokyo Commodity Exchange (TOCOM), the price of rubber for delivery in March 2022 was at 250.4 JPY/kg, down 2.57% (equivalent to 6.6 JPY/kg) at the survey time 8:20 am today (Vietnam time).

On the Shanghai Futures Exchange (SHFE), the price of RSS3 rubber for delivery in March 2022 was adjusted to 13,600 CNY/ton today, down 1.31% (equivalent to CNY 180) compared to the previous transaction.

Source: Singapore Commodity Exchange Ltd (SICOM)

At the Osaka Commodity Exchange (OSE) Japan, rubber prices have tended to increase sharply since the beginning of February 2022.

On February 28, 2022, the price of RSS3 rubber for delivery in March 2022 traded at JPY 261.5/kg ($2.26/kg), an increase of 14.2% compared to the end of January 2022, but still 3.9% lower than the same period in 2021.

At the Shanghai Futures Exchange (SHFE), rubber prices fell sharply since February 22th, 2022. On February 28th, 2022, the price of RSS3 rubber for delivery in March 2022 was at 13,645 CNY/ton ($2.16/kg), down 2.5% compared to the end of January 2022 and down 14.6 % over the same period in 2021.

Rubber futures in Shanghai fell as investors worried about escalating tensions between Ukraine and Russia.

In Thailand, prices have been on a strong upward trend since early February 2022. On February 25, 2022, RSS3 rubber price offered for sale at 70.57 baht/kg ($2.16/kg), an increase of 16.3% compared to the end of January 2022, but still lower than 0.3% over the same period in 2021.

In February 2022, the price of raw rubber latex in the whole country did not fluctuate much. In Binh Phuoc, the price of raw rubber latex purchased by Phu Rieng Rubber Company is from 330 to 340 VND/grade of latex. In Binh Duong, the purchase price of raw rubber latex of Phuoc Hoa Rubber Company fluctuates at 348-350 VND/degree TSC. The price of rubber latex in Gia Lai was purchased by Mang Yang Rubber Company at the price of 310-320 VND/degree TSC, stable compared to the end of January 2022.

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