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