The ANRPC reports slight increase in natural rubber production through July
Kuala Lumpur, Malaysia – The Association of Natural Rubber Producing Countries (ANRPC) reports that in the first seven months of 2024, global natural rubber (NR) production saw a slight increase of 0.7%, reaching 7.1 million tons. In contrast, global NR demand grew at a faster rate of 1.2%, totaling 9.0 million tons. Despite the tight supply situation that pushed up rubber prices, market sentiment remained subdued due to several factors: the Federal Reserve’s decision to keep interest rates unchanged, concerns about a potential recession in the U.S., and the weakening U.S. dollar, which has exerted downward pressure on both physical and futures market prices.
Based on the half-yearly performance and recent adjustments from ANRPC member countries, including the Philippines and Vietnam, the global outlook for natural rubber (NR) in 2024 has been revised. The ANRPC now projects global production to grow at a slower rate of 0.4%, while global demand is expected to increase more rapidly by 2.3%, reflecting revisions from China and Vietnam.
