Rubber price in Mon state hikes this year

The price of rubber in Mon state are hiking this year compared to the same period of last year, said Myanmar rubber entrepreneurs.
The price of 1 pound (0.45 kilogramme) of rubber in Mon State rose from K700 to K1,150 this year. The prices of rubber were up owing to the Kyat depreciation in the local foreign market.
“China is the largest buyer for Myanmar rubber. The export of rubber to China is currently suspended. Myanmar rubber prices spiked to their high for the depreciation of the kyat in the market. As a result, people don’t want to hold onto money and are buying up rubber as a store of value instead. Then, the rubber is also ranging K1,150-K1,200 per pound. I heard that the domestic gold price also hit a record high of K2.2 million. There is also no trading in the border areas, said a rubber trader.
Mon State has the largest acreage of rubber in Myanmar with the production of over 240 million pounds of rubber, according to the 2020 official statistics of Mon State Agriculture Department.
Rubber is primarily produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. As per 2018-2019 rubber seasons’ 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 348,344 acres and Kayin State with 270,760 acres, according to the MRPPA.
Besides, about 300,000 tonnes of rubber is produced annually across the country. Seventy per cent of rubber made 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 yearly exports over 200,000 tonnes of natural rubber to foreign countries, generating over US$200 million. — ACM/GNLM