The main reason for this is the combination of a drop in global demand with an increase in supply, as countries expanded their cultivation areas in response to the 2012 period of high rubber prices.
According to Nguyen Trong Thua, director of the department, the price of rubber might continue to face a downward trend in the years to come. Competition between export countries will become fiercer, thus ultimately improving the overall quality of rubber.
Due to its low quality, the price for Vietnamese rubber is significantly lower than in other countries in the region exporting rubber, such as Thailand, Indonesia, and Malaysia.
Export prices for all kinds of rubber, including high-quality rubber, have decreased.
Vietnam's domestic rubber production output for 2014 is forecast to total 980,000 tonnes, up by 3.2 % compared to last year.
During the first 8 months of the year, 548,000 tonnes of rubber were exported, worth 989 million USD, marking a 9.8 % decline in volume and a 31.9 % decline in value compared to the same period last year.
China and Malaysia remain the two biggest consumers of Vietnam's rubber, despite the drop in their import volume and value.