Rubber Trade Boom in Vietnam

Vietnam's rubber trade with Malaysia is booming. In October 2024, Vietnam shipped 7,260 tonnes of rubber to Malaysia, raking in $11.5 million.

That's a massive leap—861% more in volume and 1,240% more in value than October last year. Even compared to September 2024, the numbers are up significantly with a 22.2% rise in volume and a 47.8% increase in value.

From January to October 2024, Vietnam sent 24,800 tonnes of rubber to Malaysia, worth $35.2 million. This surge places Malaysia as a major buyer for Vietnam, being the second-largest by volume and third by value for their rubber exports.

Overall, during the first ten months of 2024, Vietnam exported 1.54 million tonnes of rubber globally, earning over $2.52 billion. While the volume slightly dipped by 4.9% from 2023, the value climbed by 16.4%, thanks largely to an average export price boost to $1,638 per tonne.

China still leads as Vietnam's primary rubber market, making up 78.7% of the exports. However, other countries like India, the US, Germany, and especially Malaysia, are catching up with significant growth.

Given these trends, experts predict Vietnam's rubber export revenue could hit $3-$3.5 billion in 2024, up by $200-$400 million from the previous year.