SL rubber export earnings reach $900 mn in 2022

The Colombo Rubber Auction recorded a sharp drop in prices in January due to a number of external factors.

The Forbes and Walker Rubber Market Report for January noted that poor demand was recorded due to a looming global recession, long holiday season in Europe, Chinese New Year holidays and easing crude oil prices.

Prices of top quality crepe grades remained easier whilst Latex Crepe No.2s, 3s and No. 4s gained ground during the latter part of the month.

Prices of Latex Crepe 1s eased off by approximately Rs.125 per kilo, which settled at Rs.500 by end January. No. 2s and 3s slid from Rs.525 levels to Rs.430, since the major market for these grades, Pakistan slowed down business operations due to their ongoing economic crisis. However, towards the last week of January price of 2s and 3s improved and settled at around Rs.450 and Rs.430 per kilo respectively. No. 4s were sold at around Rs.390.

Scrap Crepes weakened by approximately Rs.50 per kilo. Demand for RSS remained low, since large stocks were reported to be available in rubber growing areas.

The Rubber Development Department (RDD) of Sri Lanka noted that the country has made earnings amounting to Rs.327 billion or US$900 million last year by exporting rubber products. (SD)