Rubber export earnings declined during two-and half-month mini budget period due to a drop in global rubber price, according to the Commerce Ministry.
Myanmar exported more rubber than the previous year in two-and half-month fiscal year.
Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry said: “Last year, the country earned US$ 53.641 million from exports of 34,065 tonnes of rubber. Now, Myanmar exported 38,731 tonnes of rubber worth US$ 47.009 million.”
Rubber price in the local market is around Ks-700 per pound. During five months, rubber price has dropped to Ks-150 per pound, according to Myanmar Rubber Growers and Producers Association.
Myint Khaing, General-Secretary of Myanmar Rubber Growers and Producers Association said: “Currently, rubber price is declining. Now rubber price for RSS3 is between Ks-700 and Ks-710 per pound. Rubber trading is normal.”
A significant decline in rubber price in the local market is linked to a drop in global rubber. During this year, the rubber price hit a record high of Ks-850 per pound. Normally, the rubber price is around Ks-800 per pound, according to the association.
In February, the global rubber price per tonne dropped from US$ 1,800 to between US$ 1,500- US$ 1,600. At the time, the local rubber price stood at Ks-760 per pound.
Myanmar’s annual rubber production hits about 200,000 tonnes. The country exports more than 90 of rubber and uses the remaining eight per cent in the country. China is the major rubber importing country from Myanmar, according to the association.
Myanmar also exports rubber to Malaysia, Singapore, Indonesia, South Korea, Japan, Taiwan and India.
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