China’s alternative development policy grants zero tariffs for rubber

Myanmar’s rubber exporters will earn a handsome profit at present as China’s alternative development policy grants zero tariffs for import of rubber, rubber entrepreneurs stated.
Earlier, transactions for rubber export were allowed to be made in US dollars. From 1 February 2022, Yuan can be used for a border settlement payment.
At present, the Chinese government grants some quota to rubber under the poppy substitution policy. About 3,000 Yuan tax was earlier imposed on a tonne of rubber.
If it is imported under the poppy substitution programme, a 50 per cent tax was reduced. At the moment, China lifted tariffs on rubber imports.
Rubber tapping is back to business and regular trade is seen at the rubber depots.
“Only the ribbed smoked sheet (RSS-3) and (RSS-5) are traded for now.
The price dipped in the last week of October. The prices were K1,200 per pound for RSS-3 and K1,180 per pound for RSS-5. Those traders who keep the rubber stocks in hand will thrive following China’s tax exemption,” Ko Hla Win, a rubber grower in Mon State, told the Global New Light of Myanmar (GNLM).
The value of Myanmar’s rubber exports to China stood at $64.686 million (49,603.955 tonnes) in the 2018-2019 financial year, $55.913 million (41,939.175 tonnes) in the 2019-2020FY, $111.362 million (62,200.598 tonnes) in the 2020-2021FY, $7.11 million (4,196.85 tonnes) in the 2021-2022 mini-budget period and $6.016 million (3,670.75 tonnes) in the first half of the 2022-2023FY.
There are 504,988 acres of rubber plantations in Mon State, the biggest producer of rubber in Myanmar in the 2022-2023FY. – TWA/GNLM