ANRPC revises up estimates for global rubber consumption
Growing demand in China, India set to buoy natural rubber demand for 2023
Kuala Lumpur – The Association of Natural Rubber Producing Countries (ANRPC) has readjusted its global natural rubber statistics based on new data from non-member states.
Based on the revisions made to its demand figures among non-ANRPC member countries, global NR consumption grew 2.9% to 14.975 million tonnes during 2022.
This compares to year-on-year growth of 1.6% reported in February, the association noted in its March monthly report, published 18 April.
The substantial increase from the preliminary estimate was due mainly to the performance from EU-27 & UK, US, Japan, Republic of Korea, Canada and Turkey.
As well as the revision for 2022, ANRPC also upgraded its outlook for global demand for the commodity in 2023.
To reflect the updated figures, the industy body expects a marginal year-on-year contraction in demand to 14.912 million tonnes for the year.
The figure, nevertheless, reflects an increase of about 173,000 tonnes from the previously projected 14.739 million tonnes reported in February.
The upward revision, ANRPC explained, is due to anticipated increases in demand from China and India, two key NR consuming countries.
In China, it said, the latest statistics show that industry-activity increased for a third month in a row, aided by the relaxation of pandemic restrictions.
“In addition, all other economic indicators, such as output, new orders and export sales, have reported growth at slower rates,” the report added.
Likewise, India’s automotive industry saw a 4.4% year-on-year increase in March, with deliveries of two-wheeler and commercial vehicles rising faster than expected.
For March, NR demand fell 1.5% year-on-year to 1.3 million tonnes, but was up compared substantially on 1.2 million tonnes reported in February.
Demand in April is expected to reach 1.23 million tonnes, up by 1.8% on a year-to-year basis.
In terms of production, the ANRPC adjusted 2022 figures to 15.53 million tonnes, representing a 3.1% increase compared to the year before.
The figure shows an improvement of 180,000 tonnes on the estimate offered in February, reflecting “better-than-expected” production in non-ANRPC member states.
The association has also adjusted its projected production outlook for 2023 from 14.672 million tonnes to 14.916 million tonnes or a 2.7% growth on an annual basis.
The upward revision was mainly attributed to the non-ANRPC members’ updates in their anticipated production for this year.
During the month of March, NR production reached 967,000 tonnes, up 1.5% compared to the year before.
The uptrend is set to continue in April, with an anticipated 3.8% increase to 917,000 tonnes, as the leaf exfoliation period comes to an end.