Volume of exported rubber in 2020 reached an estimated 1.75 million tons. (Photo: VNA)

Accordingly, average export rubber price in November posted more than 1,328 USD per ton, a year-on-year decrease of 1.53%. China, India and the Republic of Korea are the three biggest rubber export markets of Vietnam in the Jan-Nov period of 2020, accounting for 76.8%, 3.7% and 2.1%, respectively.

According to statistics of the General Department of Customs, in the first 11 months of the year, the mixture of natural rubber and synthetic rubber (HS code 400280) is the most exported commodity, accounting for 65.54% of the total with 997,620 tons, valued at 1.33 billion USD, up 25% in volume and up 23.8% in value year on year.

In particular, exports to China accounted for 99% of the country's total mixture of natural rubber and synthetic rubber, with 987,630 tons, worth 1.32 billion USD, up 24.8% in volume and up 23.7% in value year on year.

The Agro Processing and Market Development Authority said that demand for rubber in the coming time will increase due to the forecast that the economy of China, the world’s leading rubber consumer, will continue improving, especially in 2021.

At the same time, it is forecast that demand for rubber will increase as automakers push up production. China’s car consumption increased by 13% in September 2020 compared to the same period last year./.

BTA