India’s natural rubber imports in November jumped 19 per cent to 33,156 tonnes from a year earlier, the state-run Rubber Board said, as a drop in local output and lower prices in the world market prompted tyre makers to increase overseas purchases.
The country’s production in the month fell by a quarter on year to 64,000 tonnes as some farmers skipped tapping after prices fell to their lowest level in five years.
India’s natural rubber consumption in the month rose nearly 12 per cent on year to 85,000 tonnes, the Board said in a statement on Wednesday.
“Even in coming months we will see higher imports. Tyre companies have already signed import deals for shipments in next few months due to lower price in Thailand and Indonesia,” said George Valy, president of the Indian Rubber Dealers’ Federation.
The south Asian country imports natural rubber from Thailand, Indonesia, Malaysia and Vietnam.