Myanmar rubber price hits record high

With the global rubber price rising, Myanmar’s rubber price hit a one-and-a-half-year record high of Ks1,000 per pound, according to the Myanmar Rubber Planters and Producers Association.

Myanmar’s rubber RSS3 fetched about Ks800 per pound in early November. The Myanmar rubber price is positively related to that of global rubber. The prevailing rubber price hit its highest point over the past year and a half. Concerted efforts are being made to boost the quality of local rubber, said U Khaing Myint, the secretary of the Myanmar Rubber Planters and Producers Association.

Those whose businesses came to a halt because of a downward trend in rubber price are gearing up to resume their businesses with a higher price. Skilled labourers who can produce latex are also being sought, it is learnt.

The shortage of skilled labourers resulted in a problem in rubber production. Skilled labourers previously engaged in rubber production went abroad because of the low rubber price and low income, said Ko Than Tun, a rubber farmer in Mon State.

The global rubber price was US$1,700 per tonne in early November, whereas the price increased up to US$2,100 per tonne by the end of November.

There are 1.6 million acres of rubber farms in Myanmar. Ninety-two per cent of the rubber production is for export, whereas only 8 per cent is meant for the domestic consumption, it is learnt.

Additionally, the quality control of Myanmar’s rubber is required to maintain a high price. The Ministry of Commerce and the Myanmar Rubber Planters and Producers Association are cooperating to formulate a comprehensive rubber law that will take into account exports and quality standards.

Source: The Global New Light of Myanmar

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