Workers at a rubber factory in the southern province of Bình Phước. — VNA/VNS Photo Vũ Sinh

Việt Nam exported 110,000 tonnes of rubber, fetching more than US$160 million in February this year alone, bringing total rubber exports in the first two months of 2024 to 320,000 tonnes and $458 million, according to the Ministry of Agriculture and Rural Development (MARD).

China remained Việt Nam's largest rubber buyer, importing 227,000 tonnes for US$317 million, an increase of 10.1 per cent in volume and 14.4 per cent in value compared to the same period last year. Meanwhile, the Southeast Asian country's rubber exports to major international markets, including South Korea, the United States, Germany, Russia, Italy, Brazil, Spain and Turkey, have all increased.

Vietnamese rubber is reportedly fetching $1,481 per tonne in international markets, an increase of 5 per cent 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 tyres for new cars in China has increased by 30 per cent, boosting demand for natural rubber, and this trend will likely continue in the coming months. — VNS