Vietnam Exports of Rubber Tires Soar 43% to US$65M in Jan-Apr

Vietnam’s exports of rubber tires soared 43% from a year earlier to US$65 million in the first four months of this year. The U.S. market remained the top importer of Vietnamese tires in the period.

Kumho Tires Vietnam, an affiliate of South Korea’s Kumho Group, is now the country’s biggest tire exporter with a share of 45%, followed by Casumina with 12% and Kenda Vietnam with 11.8%.

Heavy truck tires currently account for 63% of the country’s total tire export volume. Motorcycle tires, meanwhile, made up 20% and the rest are bicycle ones.

Domestic enterprises, however, spent US$64 million importing tires between January and April. Up to 68% of the imports were truck tires.

At present, 83% of the country’s rubber products are tires. Vietnam has worked out a long-term strategy to boost exports of rubber products as the country has been one of the world’s leading rubber growers.

Vietnam targets to grow an additional 40,000 hectares of rubber trees in 2010 with an expected latex output of 770,000 tons. The area will be expanded to 800,000ha with an output of 1.2 million tons in 2015.

Saigon Economic Times

Tags: Vietnam exports, Vietnam Exports of Rubber Tires

Posted by VBN on May 31 2010. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry