Rubber export income down $5 mln in current fiscal
Myanmar exported rubber worth US$40 million over the last two months of the current financial year, a sharp drop of $5 million compared with the corresponding period of the previous fiscal.Over 32,000 tons of rubber was shipped to the external markets in the current financial year. The export volume was over 36,000 tons in the year-ago period.The volatile rubber price is related to global climate change, and government subsidy will be required for growers in need.
Rubber is primarily produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. There are over 1.6 million acres of rubber plantations in Myanmar, with Mon State accounting for about 500,000 acres, followed by Kayin State (270,000 acres). About 300,000 tons of rubber is produced annually across the country. Seventy per cent of rubber produced in Myanmar goes to China. It is also shipped to Singapore, Indonesia, Malaysia, Viet Nam, Korea, India, Japan, and other countries.
Myanmar is exporting only rubber sheets owing to lack of machinery and technology. About 150,000 tons of rubber were exported in the 2017-2018 financial year. Myanmar shipped over 190,000 tons of rubber, with an estimated value of $250 million, to external markets in the 2018-2019 fiscal year, an increase of 41,000 tons which helped boost earnings by $60 million compared to the year-ago period.
Source: Global New Light of Myanmar
119total visits,1visits today