Hanoi: Vietnam posted a year-on-year increase of 18% in rubber exports to earn 3.4 billion USD in 2024 despite a 6% decline in volume to 2 million tonnes, primarily driven by high prices. The sum includes 1.2 billion USD worth of rubber products, rising over 13% from the previous year, according to Vietnam Customs. Meanwhile, about 1.9 million tonnes valued at 3 billion USD were imported last year, leading to a trade surplus of 400 million USD, statistics showed.

According to Vietnam News Agency, the significant increase in earnings from rubber exports reflects a strong global demand and favorable market conditions that have offset the decline in export volume. The data indicates a robust performance of Vietnam’s rubber industry, which has been able to capitalize on higher prices in the international market.

The increase in the value of rubber products, which rose over 13%, highlights the sector’s capacity to contribute significantly to the country’s trade balance. The statistics also reveal a healthy trade
surplus of 400 million USD, underscoring Vietnam’s position as a key player in the global rubber market.