Seventy-five pct of Myanmar's rubber export flows to Chinese market

YANGON, March 1 (Xinhua) -- China is the main buyer of Myanmar's rubber, accounting for 75 percent of its rubber export, according to a report of Myanmar Radio and Television (MRTV).

Myanmar has shipped more than 200,000 tons of rubber to external markets as of early February this year since April 1 last year. Aside from China, Myanmar also exports rubber to South Korea, India, Malaysia, Indonesia, Singapore and Japan.

This year, Myanmar aims to hit the rubber export target of 300,000 tons, according to official figure released on Feb. 14.

The price of rubber hit 1,190 kyat per pound of sundried Local 3 and 1,210 kyat per pound of Ribbed Smoked Sheet early January, according to Mawlamyine Commodity Center.

The prevailing price surged to 1,350-1,400 kyat per pound of Ribbed Smoked Sheet Local 3. Meanwhile, in the international market, rubber is sold around 1,700 U.S. dollars per ton, said an official of the Myanmar Rubber Producers and Planters Association.

However, the current price has not hit the record price of over 1,600 kyat per pound in the rubber tapping season in the third week of September 2022.

Rubber is commonly produced in Myanmar's Mon State, followed by Taninthayi Region and Kayin State. It is also found in Bago, Ayeyarwady and Yangon regions and Shan and Kachin states.

There are 1.64 million acres of rubber across the country. Approximately 400,000 tons of rubber are likely to be produced this year. This lucrative rubber sector generates foreign incomes every year.

The global demand and market supply of rubber as well as Southeast Asia's rubber production are highly correlated with the rubber price condition of Myanmar.