Rubber Export Prices to Rise Late December
Export prices of the Vietnamese rubber to China are forecast to keep soaring in the late days of December and early days of January in 2008 due to high demand from the Vietnam’s biggest consumer, the Ministry of Industry and Trade forecast.
The prices stand at CNY17,800 (US$2,417) a ton, on average, up from CNY17,300 (US$2,349) a ton early this month.
Vietnamese companies are keeping rubber export volume at around 500 tons or 600 tons a day and waiting for higher prices when Chine’s demand increases to 1,000 tons.
Vietnamese and Chinese rubber associations have considered setting up a rubber processing joint venture in a move to boost trade and cooperation.
China is still the biggest importer of Vietnamese rubber, accounting for 65 per cent in 2006.
In the first ten months of 2007, Vietnam exported 340,060 tons of rubber, or 58.7 per cent of its total rubber export volume, to China, earning US$646.8 million.
The country is expected to export 760,000 tons of rubber by the end of 2007, some 20,000 tons lower than set target.
The Ministry of Industry and Trade forecast that Vietnam’s rubber exports will slightly increase 4 per cent in volume and 12.4 per cent in value next year. (Vietnam & World Economy, Market)
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