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Rise in domestic prices see rubber exports dip 42%

Rise in domestic prices see rubber exports dip 42%
PTI
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First Published: Mon, Feb 04 2008. 03 51 PM IST
Updated: Mon, Feb 04 2008. 03 51 PM IST
Kottayam: A rise in the domestic prices of natural rubber has hit hard on India’s rubber export which slumped by 42% to 29,674 tonnes during April-January period of the current financial year as compared to 51,393 tonnes in the corresponding period a year ago, a senior Rubber Board official said.
“Rubber exports suffered due to a rise in domestic prices... till the last week of December 2007. Prices in the country were either ruling higher or on par with the global rates,” a senior official who does not want to be identified told PTI.
Exports, however, gained momentum during January to 7,000 tonnes from 4,780 tonnes the previous month as global prices surged above domestic levels, he said.
The prices of natural rubber in the overseas market rose by Rs11 to 104.18 a kg against domestic prices Rs93.25 per kg on 31 January, he added.
If prices remain firm overseas, the board hopes to export 47,000 tonnes of natural rubber by the end of the current fiscal.
“As prices in the global market are improving, we see more exports happening in the coming months,” the official said adding that India’s imports, meanwhile, may slow down with the decline in domestic prices.
Imports into the country have touched 76,634 tonnes during the first 10 months of the current financial year, up 38.12% over the corresponding period last year.
The country imported 55,482 tonnes of rubber in the same period previous year.
India's rubber production during April-January period stood at 7.24 lakh tonnes.
Production in January alone rose 8.86% to 1.05 lakh tonnes, as against production of 96,450 tonnes during the same month last year.
The board, however, has projected the rubber output to exceed 8.25 lakh tonnes during the current fiscal.
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First Published: Mon, Feb 04 2008. 03 51 PM IST