Vietnam’s rubber exports to Malaysia soar over fivefold in 2024

Vietnam's rubber exports to Malaysia witnessed a dramatic surge in 2024, reaching 38,442 tonnes with a total value of US$56.16 million. This marks a 433.5 per cent increase in volume and a 515.7 per cent rise in value 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 sharp growth propelled Malaysia to become Vietnam’s fourth-largest rubber export market, accounting for 1.9 per cent of the total market share. It also marked the highest recorded volume of rubber exports to Malaysia since 2019.

Latex rubber emerged as the dominant product, constituting 76.5 per cent of total exports to Malaysia. In 2024, Vietnam exported 29,408 tonnes of latex rubber worth US$42.3 million, as reported by Vietnam News Agency, a partner of TV BRICS.

Vietnam ranked as Malaysia’s sixth-largest rubber supplier, with exports soaring by 165.7 per cent to 22,930 tonnes.

Malaysia’s rubber imports have been on an upward trajectory, growing from one million tonnes in 2020 to 1.22 million tonnes in 2023, with an additional 6.9 per cent increase in the first 11 months of 2024.

As the world’s third-largest supplier of natural rubber, Vietnam continues to expand its rubber industry. The Ministry of Agriculture and Rural Development has set a goal to increase rubber plantation areas to between 800,000 and 850,000 hectares by 2030, further strengthening the country's position in the global rubber market.

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