Kuala Lumpur – Global production of natural rubber (NR) rose 6.8% in the year 2017, compared to the previous year, according to the latest figures from the Association of Natural Rubber Producing Countries (ANRPC).
Production reached 13.282 million tonnes last year, compared to 12.429 million tonnes in 2016, said ANRPC.
Almost 90% of the world supply was produced by its member states, the association pointed out.
Global NR consumption, however, rose by a mere 1.4% to 12.904 million tonnes during the year 2017, according to ANRPC.
The association said signs of recovery in rubber prices were witnessed during December 2017.
The improvement, it noted, was linked to higher crude oil prices and a cut in supply by three major NR producers.
Thailand, Malaysia and Indonesia, members of the International Tripartite Council (ITRC), announced a 350,000-tonne cut in exports in a bid to address low NR prices.
Other measures included providing loans at subsidies to encourage replanting and increase productivity.