Vietnam's rubber export value increases sharply in first 7 months

Vietnam earned 893 million U.S. dollars from export of rubber in the first seven months, an increase of 85 percent year-on-year, said a report of the Vietnam Rubber Association (VRA) on Wednesday.

The country exported 324,000 tons of rubber during this period, down 3.4 percent from the same period last year, said the VRA General Secretary Tran Thuy Hoa.

Hoa said that a surge in Vietnam's rubber export value was thanks to the price increases. The average export price in the first seven months was 2,744 U.S. dollars a ton, 92.7 percent higher than that of the same period last year.

China is the largest buyer of Vietnamese rubber, accounting for two-thirds of the country's total rubber exports from January to July this year.

Other major export markets include the European Union, Malaysia and Russia.

Source: Xinhua