Rubber Board to hold exporters meet to explore export opportunities
The Rubber Board will hold a meeting of exporters and companies on March 15 at its headquarters to assess the current market situation and explore export opportunities, particularly for various grades of sheet rubber.
Under the ‘RoDTEP’ (Remission of Duties and Taxes on Exported Products) scheme, the Center is offering a 1.40% incentive on the FOB (free-on-board) value for sheet rubber exports. The board promotes Indian rubber under the brand name ‘Indian Natural Rubber’. It is the first time that a rubber-producing country has taken the initiative to certify the quality of sheet rubber exported.
For more than a decade, Indian natural rubber prices have consistently been higher than international market prices. Production in the current fiscal year surpassed that of the previous year from April to January. The country’s production from April to January 2022-23 was 7,25,000 tonnes, which increased to 7,39,000 tonnes in 2023-24.
During the period, consumption increased by 5.4%, reaching 1,17,900 tonnes. India imported 4,10,770 tonnes of NR from April to January 2023-24, which is 11.2% less than last year. Due to unattractive relative prices, India’s rubber exports have been negligible in recent years.
Also Read | Rubber Board organizing three-day exhibition on history of rubber
After a long period, Indian sheet rubber prices softened and fell below Bangkok prices in January 2024. The current supply shortages were caused by the winter in South-East Asian countries, as well as unfavorable weather conditions in November and December.
Add Comment