The government of India has raised import duties on natural rubber by 50% effective January 1, according to a statement released Monday.
The Indian government has fixed an import duty at Rupees 30/kg (48 cents/kg), or 20% of the value of import whichever is lower, the statement said. India earlier charged a duty of Rupees 20/kg, or 20% of the value of import, whichever was lower.
The Rubber Board, which works towards the overall growth of rubber industry in India had sent a recommendation to the country’s government early December to raise the duty on import to support local farmers.
According to Rubber Board data, India imported 237,723 mt of rubber during April-November, up 53% from 155,075 in the same period last year. India imports rubber from Thailand, Malaysia and Indonesia.
Source: platts.com
