Workers harvest rubber latex. — VNA/VNS Photo

HÀ NỘI — Việt Nam’s rubber exports to Malaysia reached 38,442 tonnes in 2024 and were valued at US$56.16 million.

This represents a sharp 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 the Import-Export Department under the Ministry of Industry and Trade, citing data from the General Department of Customs.

This is also the highest volume of rubber exported to Malaysia since 2019. As a result, Malaysia has risen to become Việt Nam’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 $42.3 million. Notably, Malaysia had not imported this type of rubber from Việt Nam 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.

Việt Nam ranked sixth among Malaysia’s rubber suppliers, with export volumes surging 165.7 per cent to 22,930 tonnes. Việt Nam’s market share in Malaysia’s total rubber imports rose from 1 per cent in 2023 to 2.5 per cent in 2024. However, this remains relatively low compared to Việt Nam’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, Việt Nam 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. — VNS