Vietnamese Firms Halt Exporting Rubber to China
Vietnamese companies have decided to halt exporting rubber to China because of sharply decreased prices, the Vietnam Economic Times reported.
Export prices of Vietnamese rubber to China dropped by CNY100 (US$14.3) to CNY19,250 (US$2,750)-CNY19,300 (US$2,757) a ton, according to the Trade Information Center.
Local companies exported only between 200 tons and 250 tons a day for the first days of April.
Analysts said decrease of rubber prices on the world market is the major reason for the fall of Vietnamese rubber export prices.
The decrease is attributed to the fact that the Chinese Export And Import Management Agency has tightened control over key imports’ prices to curb inflation.
The prices are forecast to continue falling in the coming days.
Vietnamese companies exported 123,000 tons of rubber valued at US$281 million in the first quarter of 2008, down 10 per cent on year in volume but up 17.9 per cent in value. (Vietnam Economic Times, Vietnam Agriculture)
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