Vietnamese tyre exports nearly US$1 billion in 2017

Vietnamese tyre exports were worth US$920 million in 2017, up 44.2 per cent from 2016. Meanwhile, local tyre production enjoyed a trade surplus of $564 million in 2017, doubling the amount gained in the previous year.

The highest export revenue was recorded in the exports of passenger car tyres ($591.5 million, accounting for 64.3 per cent), followed by truck tyres with $146.2 million (15.9 per cent), motorbike tyres with $77 million (8.4 per cent) and bike tyres with $6.4 million (6.6 per cent).

The country’s top 10 leading tyre exporters include two domestic firms: the Southern Rubber Industry Joint Stock Company (Casumina) and Danang Rubber Company (RRC).

Meanwhile, some 424,000 tonnes of rubber were shipped abroad at a value of $620 million in the first five months of the year, up 17.4 per cent in volume but down 12.4 per cent in value compared to the same period in 2017.

China, India and Malaysia are the three largest rubber consumption markets of Vietnam. They make up market shares of 58.1 per cent, 7.5 per cent and 4.6 per cent, respectively.

Report from the VRA showed that Vietnam was home to 971,600 hectares of rubber which yielded more than 1.08 million tonnes of rubber latex in 2017, accounting for 8.3 per cent of the world’s total production.

Besides rubber products, the rubber sector brought home $2.25 billion from the export of rubber latex and $1.9 billion from rubber wood exports.

Vietnam-made tyres were exported to 128 countries and territories worldwide, according to the vice president of the Vietnam Rubber Association (VRA) Vo Hoang An.