KUALA LUMPUR, Malaysia — The Association of Natural Rubber Producing Countries (ANRPC) has revised upward its outlook for global natural rubber (NR) demand slightly as economic recoveries continue across the world.
Demand in 2021 is expected to increase 6.7% over 2020 to 13.7 million metric tons, up slightly from the previous estimate of 13.6 million tons reported in April, the ANRPC said.
The improved outlook is supported by demand in certain countries that are expected to perform better than expected, particularly China.
The outlook for production also increased marginally to 13.8 million tons, up 5.8% year-on-year. The 0.1% improvement, the ANRPC said, was due to China, India and the Philippines revising up their output figures.
Over the month of May, output rose 7.8% year-on-year to 982,000 tons, helped by significant increases in production from Vietnam, China and Malaysia.
Demand during the month increased 7.3% to 1.05 million tons, with most ANRPC members reporting positive growth in consumption.
Malaysia, Sri Lanka and the Philippines saw demand shrink, due partly to COVID-induced lockdowns.