Natural rubber imports are likely to rise by 47 per cent to touch a new all-time high of 3.2 lakh tonnes in the current financial year on back of lower prices in the global market.
"Till last week, the inward shipments of natural rubber were at 2.9 lakh tonnes and as per our estimates the total imports by the end of 2013-14 fiscal will be around 3.2 lakh tonnes," a senior rubber board official said.
According to Rubber Board data, India's natural rubber imports in the financial year 2012-13 were at 2.17 lakh tonnes -- all time high so far.
Imports have increased notwithstanding the Centre raising import duty on natural rubber to Rs 30 per kg or 20 per cent, whichever is lower, in December. The basic customs duty on natural rubber earlier stood at Rs 20 a kg or 20 per cent whichever was lower.
"Imports have gone up as bulk of contracts for import of natural rubber were made in the period June to October before the import duty was raised. At that time, prices in the international market were down by Rs 35 per tonne as compared to domestic prices," official added.
During April-January period of this fiscal, consumption of natural rubber has marginally come down to 8.11 lakh tonnes from 8.18 lakh tonnes in the year ago period.
Production of natural rubber during April-January period in the current financial year has also dropped by 9 per cent to 7.23 lakh tonnes against 7.98 lakh tonnes in the same period previous fiscal.
The impact of decline in rubber production was visible in export trend, as outward shipments have fallen 66 per cent to 5,357 tonnes against 15,632 tonnes during the period under review.
Source:- business-standard.com
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