South-Eastern Asia: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in South-Eastern Asia

In 2022, the Southeast Asian unvulcanized rubber market increased by 1.1% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Unvulcanized Rubber Production in South-Eastern Asia

In value terms, unvulcanized rubber production dropped to $X in 2022 estimated in export price. Overall, production showed a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 3% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Unvulcanized Rubber Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of unvulcanized rubber and articles thereof decreased by -7.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2021 when exports increased by 13%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, unvulcanized rubber exports contracted to $X in 2022. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2021 when exports increased by 32% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand was the largest exporting country with an export of around X tons, which finished at 61% of total exports. Malaysia (X tons) held a 26% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (6.6%). The following exporters - Vietnam (X tons) and the Philippines (X tons) - together made up 5.1% of total exports.

Exports from Thailand decreased at an average annual rate of -10.6% from 2012 to 2022. At the same time, the Philippines (+5.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +5.1% from 2012-2022. By contrast, Indonesia (-12.3%), Malaysia (-16.8%) and Vietnam (-20.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and the Philippines increased by +15 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest unvulcanized rubber supplier in South-Eastern Asia, comprising 59% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 25% share of total exports. It was followed by Indonesia, with a 7.2% share.

In Thailand, unvulcanized rubber exports shrank by an average annual rate of -11.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-17.7% per year) and Indonesia (-11.3% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, approximately reflecting the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 30% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while the Philippines ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of unvulcanized rubber and articles thereof decreased by -6.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +83.8% against 2013 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 17% against the previous year. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, unvulcanized rubber imports declined modestly to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.1% against 2013 indices. The growth pace was the most rapid in 2021 when imports increased by 21%. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

Vietnam was the key importer of unvulcanized rubber and articles thereof in South-Eastern Asia, with the volume of imports resulting at X tons, which was near 41% of total imports in 2022. Thailand (X tons) ranks second in terms of the total imports with a 17% share, followed by Indonesia (16%), Malaysia (14%) and the Philippines (5.7%). Singapore (X tons) and Cambodia (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to unvulcanized rubber imports into Vietnam stood at +8.0%. At the same time, Malaysia (+12.8%), Cambodia (+10.7%), Thailand (+8.6%) and the Philippines (+5.8%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +12.8% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-8.8%) illustrated a downward trend over the same period. While the share of Vietnam (+8.4 p.p.), Malaysia (+6.9 p.p.) and Thailand (+4.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-9.3 p.p.) and Singapore (-11.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported unvulcanized rubber and articles thereof in South-Eastern Asia, comprising 41% of total imports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total imports. It was followed by Thailand, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam stood at +11.6%. In the other countries, the average annual rates were as follows: Indonesia (+0.7% per year) and Thailand (+3.4% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, picking up by 3.7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 13%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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