Production of rubber latex in Chư Pawh Rubber Co Ltd in Gia Lai Province. — VNA/VNS Photo

Exports of rubber goods to Russia witnessed an impressive result of a 465 per-cent growth year-on-year in the first half, totalling nearly US$5.1 million.

In particular, shipments to Russia in June reached a turnover of more than $358,000, a 10-fold increase compared to June 2022, according to preliminary information from the General Department of Customs.

Rubber export to this market also increased strongly, with a value of $15.6 million, accounting for more than 83 per cent of total rubber export value in 2022.

Rubber and rubber goods are among several products that saw increases in export value in the first half in the context that overall export to this market showed signs of a decline.

Việt Nam’s shipments to Russia reached more than $812 million in the first six months, down 3 per cent year-on-year.

Việt Nam exported more than $1.05 billion worth of rubber and $515 million worth of rubber products in the first half, down 7 per cent and 10 per cent year-on-year, respectively. Thus, rubber shipments to Russia account for less than 1 per cent of the country's rubber export turnover.

Despite a meagre market share, Russia remains a prospective market for Việt Nam.

Since 2001, Russia’s demand for rubber products has grown by 5.9 per cent per year. In 2021, Russia is the 24th largest importer of synthetic rubber with $210 million. It is forecast that Russia's synthetic rubber imports are expected to reach $235 million in 2026, with an average increase of 1.7 per cent per year.

Meanwhile, Việt Nam's rubber industry continues to hold the 5th position in the world in terms of the plantation area and 3rd in natural rubber output. — VNS