The February figure brought the country’s total rubber exports in the first two months of 2024 to 320,000 tons, worth USD 458 million.

China remained Vietnam’s largest rubber buyer, importing 227,000 tons for USD 317 million, an increase of 10.1% in volume and 14.4% in value compared to the same period last year.

Workers at a rubber factory in the Southern province of Binh Phuoc.

Meanwhile, the Southeast Asian country's rubber exports to major international markets, including the Republic of Korea, the U.S., Germany, Russia, Italy, Brazil, Spain and Turkey, have all increased.

Vietnamese rubber fetched USD 1,481 per ton in international markets, an increase of 5% compared to January.

Industry experts said there are several contributing factors to the rise in rubber prices, with the largest factor being the booming car sales in China. As a result, demand for tires for new cars in China has increased by 30%, boosting demand for natural rubber, and this trend will likely continue in the coming months.

Source: VNA