Forecast: Rubber Exports in 2024 to Reach $3 – $3.5 Billion

According to a report by the Import-Export Department, transport companies recorded impressive results in rubber export services, reaching 589.71 thousand tons with a value of $988.44 million in Q3 2024. This represents an increase of 89.3% in volume and 98% in value compared to the previous quarter.

Logistics companies focused on international transport services to the Asian market, accounting for 86.9% of total exports. Notably, shipments to this region reached 512.48 thousand tons, valued at $852.65 million in Q3 2024.

China continues to be the key market for sea freight services, making up 67.48% of total export volume. Forwarders transported 397.91 thousand tons of rubber, valued at $656.23 million, to this market. Competitive sea freight rates have contributed to robust export growth.

Forecast: Rubber Exports in 2024 to Reach $3 – $3.5 Billion

For exports to India, logistics businesses reported impressive growth, transporting 49.27 thousand tons worth $88.29 million. This market saw increases of 69.8% in volume and 80.5% in value compared to Q1 2024.

Regarding product types, companies have focused on transporting containers of natural and synthetic rubber blends, which accounted for 56.41% of total exports. In Q3 2024, this segment reached 332.68 thousand tons with a value of $567.45 million.

International shipping service providers noted growth in export prices for various types of rubber. Export and import entrustment services benefited from price increases, with Skim block up by 62.4% and Latex by 42.7%.

With these positive outcomes, transport companies forecast rubber export revenue in 2024 to reach between $3 and $3.5 billion. Both domestic and international container shipping services are expected to continue growing, especially as China rolls out new economic stimulus packages.

Experts recommend that logistics businesses further enhance the quality of freight services and optimize costs to capture opportunities from the recovery of the Chinese market while providing affordable yet safe and efficient shipping solutions.