India’s natural rubber imports surge 27.7% to 36,865 tonnes in October
12 Nov 2014
Import of natural rubber into the country surged 27.7 per cent year-on-year to 36,865 tonnes in October 2014, according to figures available with the Rubber Board.
The country's production in the month also fell 32.6 per cent year-on-year to 58,000 tonnes as farmers decided to skip tapping, prompting tyre makers to increase overseas purchases.
India's natural rubber consumption in the month rose nearly 2 per cent to 83,000 tonnes, Rubber Board said in a statement.
India imports natural rubber from Thailand, Indonesia, Malaysia and Vietnam.
India's import of natural rubber is growing at a compounded annual growth rate (CAGR) of about 32 per cent and is expected to touch $1.107 billion in value terms by the end of the current fiscal year 2014-15, the Associated Chambers of Commerce & Industry of India (Assocham) said last month.
A press release from the apex industry body said a study conducted by it had shown that the country had imported natural rubber worth about $734 million during the first nine months of FY 2013-14.
''Imports of natural rubber in India have grown from over 81,500 metric tonnes (MT) to over 2.1 lakh MT during 2008-09 and 2012-13, thereby clocking a CAGR of about 28 per cent,'' according to the study titled "Widening gap between demand-supply of natural rubber in India".
It said that Indonesia alone accounted for about 42 per cent of India's total natural rubber imports followed by Thailand and Vietnam that account for about 26 per cent and 24 per cent share in natural rubber imports into the country.
''The most worrying factor is the ever-widening gap between production and consumption of natural rubber in India which is growing at a CAGR of whopping 69 per cent as it crossed 59,000 MT mark in FY 2012-13 as against about 7,200 MT in 2008-09,'' said DS Rawat, secretary general of Assocham while releasing the report.
