Vietnam was the Republic of Korea (RoK)’s fourth largest supplier of rubber in the first two months of 2023, according to the Import-Export Department under the Ministry of Industry and Trade.

The department cited data from the General Administration of Vietnam Customs showing that in the January-February period, Vietnam exported 5,080 tonnes of rubber to the RoK for 8.02 million USD. The figures represented a drop of 16.5% in volume and 29.6% in value over the same period last year.

In the first two months of 2023, Vietnam mostly exported to the RoK natural rubbers in various type, including SVR CV60 (39.35% of total export volume), SVR 10 (29.83%), and SVR 3L (22.01%).

Meanwhile, statistics from the RoK’s Customs, in the reviewed period, the RoK imported 85.23 trillion tonnes of rubber worth 162.88 million USD, mainly from Thailand, Indonesia, China, Vietnam and the Philippines.

In the period, the market share of Vietnam in the market was only 5.51%, down from 9.77% recorded in the same time last year. Meanwhile, upturn was seen in the market shares of Indonesia, China, the Philippines, Cambodia and Singapore.

The Import-Export Department advised domestic firms to diversify its products to better meet demand of the RoK, thus strengthening exports to this market.

VNA