Rubber price rebounds, surpasses K1,400 per pound

The rubber market in Mon State has witnessed a rebound in prices, surpassing K1,400 per pound, driven by the upward trend in international prices. Currently, the prices of sundried Local 3 rubber stand at approximately K1,405 per pound, while Ribbed Smoked Sheet Rubber is priced at around K1,425 per pound.
The price condition of rubber in Myanmar is influenced by global demand, rubber production in Southeast Asian countries, and market supply. This correlation holds true for Mon State, which is a significant rubber production hub within Myanmar, as explained by traders.
Myanmar’s annual rubber production is estimated to be around 300,000 tonnes, with China being the primary destination for 70% of the country’s rubber exports. Additionally, Myanmar exports rubber to countries such as Singapore, Indonesia, Malaysia, Viet Nam, South Korea, India, Japan, and others.
The Myanmar Rubber Planters and Producers Association aims to export approximately 300,000 tonnes of rubber to foreign markets during the current financial year 2023-2024. In the previous financial year 2022-2023, rubber production exceeded 360,000 tonnes, with over 200,000 tonnes shipped to foreign trade partners.
Rubber cultivation is widespread in Mon and Kayin states, as well as in the Taninthayi, Bago, and Yangon regions of Myanmar. As of the 2018-2019 rubber season, Myanmar boasts over 1.628 million acres of rubber plantations, with Mon State accounting for 497,153 acres, followed by Taninthayi Region with 348,344 acres and Kayin State with 270,760 acres.
In the previous financial year 2020-2021, Myanmar generated revenue of over US$449 million from rubber exports. — NN/EM