Sri Lanka’s rubber export earnings up 7% YoY

Last Updated on January 16, 2025 6:09 am

Sri Lanka’s rubber export earnings rose 7 percent year-on-year (YoY) to US $ 11.67 billion in the 11 months to November 2024, driven by the increased revenues from rubber products, Forbes and Walker Commodity Brokers said in its latest rubber report.

While the overall earnings showed growth, November saw a 1.96 percent YoY decline to US $ 77.2 million, primarily due to a significant drop in exports of pneumatic and retreated rubber tyres and tubes (-22.95 percent).

In the January-November period, rubber and rubber finished product exports jumped 8.25 percent to US $ 920.81 million, boosted by a 21.74 percent increase in industrial and surgical gloves of rubber.

Domestically, the rubber prices witnessed a decline across various grades. Latex crepe 1X, No. 1s, No. 2s, No. 3s and No. 4s, all experienced price reductions. The scrap crepe prices also fell, with significant decreases observed in 1X Brown, 3X Brown and 4X Brown. The average price of RSS1 for the month recorded at Rs.760, reflecting a reduction of Rs.42/50 compared to November 2023.

Meanwhile, the Association of Natural Rubber Producing Countries reported that global natural rubber (NR) production reached 12.7 million tonnes by November 2024, a 2.4 percent increase YoY. Global NR demand rose 0.5 percent to 13.9 million tonnes during the same period.