KOREA INCREASES RUBBER IMPORTS FROM VIETNAM MARKET
Statistics of the General Department of Customs show that in the first 10 months of 2021, Vietnam's rubber exports to South Korea reached 37,620 tons, worth USD 68.87 million.
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KOREA INCREASES RUBBER IMPORTS FROM VIETNAM MARKET
Statistics of the General Department of Customs show that in the first 10 months of 2021, Vietnam's rubber exports to South Korea reached 37,620 tons, worth USD 68.87 million, up 57.8% in volume and 95%, equal to 2% in value over the same period in 2020; the average export price reached 1.831 USD/ton, up 23.7% over the same period in 2020.
In which, the SVR 10 was exported the most to South Korea, accounting for 25.6% of the total amount of rubber exported to Korea in the first 10 months of 2021, with 9,620 tons, worth 16.01 million USD, up 68 .5% in volume and 109.7 % in value over the same period in 2020; the average export price reached 1,665 USD/ton, up 24.5%.
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In the first 10 months of 2021, Vietnam has been the fourth largest rubber supplier market. Vietnam's rubber market share accounts for 7.8% of Korea's total rubber imports, up from 6.8% on May 10th, 2020. According to the Korean Customs, currently, Indonesia, Thailand, China, Vietnam, and the US are the 5 largest markets supplying rubber to Korea, and imports from these markets have all increased. compared to the same period in 2020.
Regarding types, in the first 10 months of 2021, Vietnam is the third-largest supplier of natural rubber to South Korea, with 35,730 tons, worth $68.35 million, up 33.6% in volume and up 70.8% in value over the same period in 2020. Vietnam's natural rubber market share in Korea's total imports accounted for 12.3%, up from 10.6% in 10 months of 2020.
The structure of the market for synthetic rubber to Korea in the first 10 months of 2021 has changed when the market share of synthetic rubber in the US and China increased, while the market shares of Japan, Singapore, and the Czech Republic decreased. Vietnam's synthetic rubber only accounts for 0.08% of the total imported synthetic rubber of Korea.
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