HS Code:
The Latex category, classified under HS Code 4001, includes natural rubber, balata, gutta-percha, guayule, chicle, and similar natural gums, in primary forms or in plates, sheets, or strips. Latex is a critical raw material used predominantly in the production of tires, gloves, condoms, and various industrial and medical products. The global trade of latex is influenced by agricultural production conditions, demand in the automotive and healthcare sectors, and geopolitical factors affecting major producing regions.
Total Trade Volume
USD 13.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 5.2 billion
38.5% of total trade of total trade
Increasing
USD 3.1 billion
23.0% of total trade of total trade
Stable
USD 1.8 billion
13.3% of total trade of total trade
Increasing
USD 1.2 billion
8.9% of total trade of total trade
Decreasing
USD 0.8 billion
5.9% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain countries on non-preferential trade partners)
Lowest Rate
0% (under free trade agreements like ASEAN)
Rising demand for medical gloves
Increased latex exports to meet healthcare needs, particularly post-COVID-19, driving up prices and trade volumes.
2020-2022
Sustainability concerns
Growing emphasis on sustainable and ethically sourced latex, influencing trade policies and buyer preferences.
2021-2023
Fluctuating automotive sector demand
Variable demand for tires due to economic slowdowns in key markets, affecting latex trade volumes.
2022-2023
Thailand introduced subsidies and incentives for latex exporters to boost trade amid global supply chain disruptions.
March 2023
Expected to increase Thailand's latex export volume by 10% in 2023, reinforcing its position as the market leader.
The EU implemented stricter regulations on latex imports to combat deforestation, requiring traceability and sustainability certifications.
June 2023
Potential trade barriers for non-compliant exporters, particularly in Southeast Asia, but may benefit certified sustainable producers.
Vietnam announced plans to expand rubber plantations to meet rising global demand, supported by government funding.
September 2022
Likely to increase Vietnam's market share in the coming years, intensifying competition among top exporters.