Rubber exports to Sri Lanka raise

The first five months of the year witnessed the Sri Lankan market abruptly increase rubber imports from Vietnam with a growth of 435.7% in volume and 530.5% in value.
Rubber exports to Sri Lanka surge
Rubber exports to Sri Lanka surge. (Illustrative photo. Source: Customsnews)

The Agency of Foreign Trade under the Ministry of Industry and Trade cited statistics compiled by the General Department of Customs indicating that the country’s rubber exports hit 84,460 tonnes last month, worth 135.64 million USD, up 14.8% in volume and 14.5% in value compared to April, but a drop of 27.9% in volume and 14.9% in value compared to May last year.

This represents the second consecutive month that rubber exports have fallen compared to the same period from last year.

During the reviewed period, rubber exports reached 572,280 tonnes, raking in 859.4 million USD, down 2.4% in volume, but up 6% in value on-year.

Rubber exports to many major markets endured a fall over the five-month period, in particular to places such as China, the Netherlands, and Peru.

However, exports to several other markets continued to record growth, including India, the Republic of Korea (RoK), Russia, Indonesia, Sri Lanka, Turkey, Brazil, and Italy.

Most notably, Vietnamese rubber imports to Sri Lanka saw a solid upswing throughout the reviewed period, thereby raising the market share of Vietnamese rubber exports to this market from 0.26% to 1.43% of the nation’s overall rubber exports.

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(Source: VOV)