The latest May 2024 report released by ANRPC predicts that global natural rubber production is expected to increase by 4.8% to 1.011 million tons in May, an increase of 33% compared to the previous month; The consumption of natural rubber is expected to increase by 2.1% to 1.283 million tons, a decrease of 0.5% from the previous month.
In 2024, global natural rubber production is expected to increase by 1.1% year-on-year to 14.502 million tons. Among them, Thailand decreased by 0.5%, Indonesia decreased by 5.1%, China increased by 6.9%, India increased by 6%, Vietnam increased by 2.9%, Malaysia increased by 0.6%, and other countries increased by 4.9%.
The global consumption of natural rubber in 2024 is expected to increase by 3.1% year-on-year to 15.748 million tons. Among them, China increased by 5.5%, India increased by 3%, Thailand increased by 1%, Malaysia increased by 54.7%, Vietnam increased by 6%, and other countries decreased by 3.7%.
The report points out that with the recovery of production after seasonal defoliation, the spot rubber market showed signs of recovery in May, except for RSS-3 rubber in Bangkok. The natural rubber market continues to be affected by the strengthening of the currencies of producing countries against the US dollar, as well as other common factors that affect market sentiment, namely supply and demand fundamentals.
In this issue, ANRPC revised the global natural rubber market outlook for 2024, with an expected demand growth of 3.1%, relatively faster than the 1.1% increase in production. The increase in global demand and the decrease in supply are mainly due to the performance of non ANRPC member countries last year. In the context of a decrease in global supply, the decreasing interest of rubber farmers in rubber harvesting continues to slow down the growth of production, especially in traditional rubber producing countries such as Thailand, Indonesia, and Malaysia. In addition, challenges such as unfavorable climate conditions, leaf diseases, and the continuous decline in rubber prices also seriously affect the production of rubber farmers.
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