India’s import of natural rubber has seen a rise of 27.7% and stood at 36,865 tonnes in October 2014, as per figures compiled by the Rubber Board. The farmers in the country have decided to skip tapping of rubber due to which the production in October month fell 32.6% year-on-year and stood at 58,000 tonnes. This has prompted tyre makers to increase the purchase from overseas market.
The country’s consumption of natural rubber in the month of October rose nearly 2% and stood at 83,000 tonnes. The country imports natural rubber from Thailand, Indonesia, Malaysia and Vietnam.
The Associated Chambers of Commerce & Industry of India (Assocham) had last month stated that the country’s import of natural rubber is growing at a compounded annual growth rate (CAGR) of about 32% and is expected to touch $1.107 billion in value terms by the end of the current fiscal year 2014-15.