KUALA LUMPUR, Malaysia — Global production of natural rubber (NR) rose 6.8 percent last year vs. 2016, according to the latest figures from the Association of Natural Rubber Producing Countries (ANRPC).
Production reached 13.3 million metric tons last year, up from 12.4 million tons in 2016, the ANRPC said.
Almost 90 percent of the world supply was produced by its member states, the association pointed out.
Global NR consumption, however, rose by a mere 1.4 percent to 12.9 million tons during the year 2017, according to the 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 the three major NR producers Thailand, Malaysia and Indonesia, members of the International Tripartite Council (ITRC), which announced a 350,000-ton cut in exports in a bid to address low NR prices.
Other measures included providing loans at subsidies to encourage replanting and increase productivity.