Vietnamese rubber increases market share in China

While many rubber supply markets in China have decreased in proportion in the first 10 months of 2022, such as Thailand, Malaysia, Japan, Han Quoc Thi Vietnam, there has been an upward trend.

Vietnamese rubber increases market share in China

The Import and Export Department (Ministry of Industry and Trade) quoted statistics from the Chinese Customs Administration as saying that in the 10 months of 2022, China’s rubber import value (HS 4001, 4002, 4003, 4005) reached more than 10.7 billion USD, up 5.7% over the same period in 2021.

Vietnam is the second largest rubber supplier to China with $1.8 billion, up 6.6% over the same period in 2021.

Vietnam’s rubber market share in China’s total import value in the 10 months of 2022 accounted for nearly 17%, higher than 16.7% in the 10 months of last year. Meanwhile, Thailand decreased from 33.6% to 33.2%, Malaysia decreased to 8.8%, Japan decreased to 5.6%…

China mainly imports natural rubber and synthetic rubber, and imports of these items tend to increase over the same period in 2021.

Specifically, in the 10 months of 2022, China’s natural rubber (HS 4001) import value reached US$3.24 billion, up 7.2% over the same period in 2021.

Vietnam is the 5th largest natural rubber supplier to China with US$249.7 million, up 30.8% over the same period in 2021. Vietnam’s natural rubber market share accounts for 7.7% of China’s total import value, higher than the 6.3% rate in the first 10 months of 2021.

In addition, China’s import value of a mixture of natural and synthetic rubber (HS 400280) reached $4.35 billion, up 10.7% over the same period in 2021. Vietnam is a market. supplying the second-largest blend of natural rubber and synthetic rubber to China with $1.54 billion, up 3.6% over the same period in 2021.

The market share of mixed natural rubber and synthetic rubber of Vietnam accounted for 35.5% of the total import value of natural rubber and synthetic rubber of China, lower than 38% of China in 10 months of 2021.

Source: vietnam.postsen.com