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Thursday, May 26, 2022

Import duty on natural rubber raised by 50% to curb rising imports

MUMBAI: The country has raised import duties on natural rubber by 50 per cent to curb rising imports that pushed local prices to their lowest in 3-1/2 years, the government said in a statement.

The government has fixed import duty at 30 rupees per kg, or 20 per cent, whichever is lower, the statement said. The world’s fourth largest rubber producer was earlier charging a duty of Rs 20 per kg, or 20 per cent, whichever was lower.

Domestic rubber prices hit a 3-1/2-year low of Rs 150 per kg earlier this month as tyre makers trimmed purchases from local market due to higher imports.

The natural rubber imports in the first eight months of the financial year that started on April 1, 2013 were 53 per cent higher on year at 237,723 tonnes.

The south Asian country imports natural rubber from Malaysia, Thailand and Indonesia.

The government said the higher import duty would support nearly 1.2 million farmers dependent on the crop for their livelihood.

Source: India Times

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