The world production of natural rubber (NR) is recorded at 954,000 tonnes while world consumption amounted to 1.288 million tonnes during March 2022. While the tight supply of raw material may be expected in the coming months as most producing countries entering to off-tapping season, the NR market remains positive.
The United Nations Conference Trade and Development (UNCTAD) has recently slashed its projection of global economic growth for 2022 by 1% to 2.6% in early March 2022. This downward revision is following the conflicts between Russia-Ukraine. As a result, this may influence the prospect growth of the global NR industry during 2022, i.e., the microchips shortage may be exacerbated in the global automobile industry as Russia bans its chips material from exporting, sanctions imposed on Russia which may affect the trade displacement and more.
While countries have taken different approaches to manage the Covid-19 pandemic for its nation and economy’s sake. An effective control of Covid-19 management is still key to boost the economy after being hit by the pandemic. Else, uncertainty still poses about its economic recovery.
The incessant support and cooperation extended by the esteemed users, statistical correspondents, and stakeholders are once again gratefully acknowledged.
Thank you.
R. B. Premadasa
Secretary-General
Source ANRPC