ANN/VIETNAM NEWS – Vietnam’s rubber exports to Malaysia surged dramatically in 2024, reaching 38,442 tonnes valued at USD56.16 million.
This represents an increase of 433.5 per cent in volume (more than four times) and 515.7 per cent in value (more than five times) compared to 2023, according to data from the General Department of Customs, as cited by Vietnam’s Import-Export Department under the Ministry of Industry and Trade.
This is also the highest volume of rubber exported to Malaysia since 2019. As a result, Malaysia has risen to become Vietnam’s fourth-largest rubber export market, accounting for a 1.9 per cent market share. In terms of product type, latex rubber dominated exports to Malaysia, making up 76.5 per cent of the total rubber exports to this market in 2024. The total export volume of latex rubber reached 29,408 tonnes, valued at USD42.3 million. Notably, Malaysia had not imported this type of rubber from Vietnam in 2023.
Malaysia is one of the world’s major rubber producers, with an average annual output of 348,000 tonnes of natural rubber. However, the country also imports rubber to compensate for supply shortages. Vietnam ranked sixth among Malaysia’s rubber suppliers, with export volumes surging 165.7 per cent to 22,930 tonnes. Vietnam’s market share in Malaysia’s total rubber imports rose from one per cent in 2023 to 2.5 per cent in 2024. However, this remains relatively low compared to Vietnam’s export potential.
Statistics show that Malaysia’s rubber imports have consistently increased over the past five years, rising from one million tonnes in 2020 to 1.22 million tonnes in 2023, with a further 6.9 per cent growth in the first 11 months of 2024.
Meanwhile, Vietnam ranks as the world’s third-largest supplier of natural rubber. The Ministry of Agriculture and Rural Development has set a target to expand rubber plantation areas to between 800,000 and 850,000 hectares by 2030.
