The price of rubber slightly declined in Mon State’s rubber market.
The price of rubber hit K1,385 per pound of sundried Local 3 and K1,405 per pound of Ribbed Smoked Sheet on 3 March. The prevailing prices have gradually moved down to K1,275 per pound of sundried local 3 and K1,295 per pound of Ribbed Smoked Sheet Local 3.
The figures indicated a decrease of K110 per pound within two weeks.
Global demand for rubber, rubber production of the Southeast Asian nations and the market supply are contributing factors to 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 from rubber exports in the previous financial year 2020-2021.—NN/EM
