Rubber prices rise at slow pace

Myanmar’s rubber market witnesses increment in prices amidst global demand shifts
The prices of rubber have experienced a slight increase in Mon State’s rubber market. Presently, Ribbed Smoked Sheet Local 3 is priced at K1,650 per pound, and sun-dried rubber is priced at K1,630.
On 18 October, 2023, prices reached K1,770 per pound for sun-dried rubber and K1,790 for RSS Local 3. Myanmar’s rubber prices are influenced by global demand for rubber, the rubber production of Southeast Asian nations, and market supply. Mon State, a major rubber-producing state in Myanmar, is particularly impacted by these factors, according to traders.
Myanmar’s annual rubber production is estimated at 300,000 tonnes, with 70 per cent of it going to China. Additionally, it is exported to Singapore, Indonesia, Malaysia, Vietnam, the Republic of Korea, India, Japan, and other countries. The goal of the association is to achieve rubber exports of 300,000 tonnes in the current 2023-2024 financial year.
As of 29 December in the current financial year, Myanmar has shipped 114,855 tonnes of rubber valued at an estimated US$144.046 million. In the previous financial year 2022-2023, rubber production exceeded 360,000 tonnes, with over 200,000 tonnes shipped to foreign trade partners.
Rubber is commonly produced in Mon and Kayin states, as well as in Taninthayi, Bago, and Yangon regions in Myanmar. According to 2018-2019 data, there are over 1.628 million acres of rubber plantations in Myanmar, with Mon State accounting for 497,153 acres, followed by Taninthayi Region with 348,344 acres and Kayin State with 270,760 acres.
Myanmar generated more than US$449.102 million in revenue from rubber exports in the 2020-2021 financial year. — NN/EM