Rubber price hits K1,300 per pound in domestic market

The price of rubber touched around K1,300 per pound, according to the rubber market in Mon State.
The price of rubber hit K1,600 per pound in the third week of September. The prices gradually declined. The prevailing prices stood at K1,280 per pound of sundried local 3 and K1,300 per pound of Ribbed Smoked Sheet Local 3.
Global demand for rubber, rubber production of the Southeast Asian nations and the market supply weigh on the rubber price condition of Myanmar.
The rubber price in Mon State, a major rubber production state in Myanmar, is positively related to those factors as well, the traders elaborated.
Rubber is commonly produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. As per 2018-2019 rubber season 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’s rubber production is annually estimated at 300,000 tonnes. Seventy per cent of rubber produced in Myanmar goes to China. It is also shipped to Singapore, Indonesia, Malaysia, Viet Nam, the Republic of Korea, India, Japan, and other countries.
Myanmar bagged more than US$449 million in revenue in rubber exports in the previous financial year 2020-2021. —NN/EMM