International Business

Natural rubber exports shrink to 94 tonnes from 3,159 tonnes

India"s natural rubber exports slumped to just 94 tonnes in May compared with 3,159 tonnes in the same month last year, as domestic prices far exceeded global rates, according to state-run Rubber Board. - Oilmeal exports decline 64% on higher global prices - Govt slaps anti-dumping duty on compact discs-recordable - Centre assures all help to Coir Board for market development - Exports of cotton yarn and fabric down 45% in March - Exports from EOUs dipped by 2.78% to Rs 1.64 lakh crore - IT exports from north grow 30% in FY09, Infy top exporter The shipment continued to slump since the beginning of this fiscal on high domestic prices and the country exported only 724 tonnes of natural rubber in April against 3,690 tonnes in the corresponding period last fiscal. "Domestic prices of natural rubber were ruling far above the international price, making the shipment a less profitable option. While the average domestic price of the natural variety touched Rs 9,805 a quintal in May, that in the global market was ruling at Rs 8,300 a quintal," a senior board official told PTI. However, the decline in prices in the overseas market prompted domestic traders to purchase more from overseas boosting imports, which surged by 31 per cent to 14,322 tonnes against 9,950 tonnes in the year-ago period. An industry expert said the increase in import was due to the revival of demand from the automobile sector, coupled with the wide variation in the domestic and global prices. Indian automobile companies prefer natural to synthetic rubber to manufacture tyres. The price gap is still growing. The rubber price stood at Rs 10,000 a quintal at Kottayam today, while the price of the RSS-3 variety of rubber is ruling at Rs 8,150 a quintal at SICOM in Singapore. Natural rubber production, too, has declined by 9.3 per cent to 54,500 tonnes during April against 60,115 tonnes in the year-ago period, partly due to drought in some growing belts in Kerala. The consumption of natural rubber was down marginally to 70,000 tonnes from 71,215 tonnes in the same month last year. The growing demand from tyre manufacturers prevented demand from a significant decline.


Add your comment:
Name:
Site address: http://
Your message:
Enter today\\\\'s date, 2 digits
(spam protection):

Categories
Business Ideas
Business Opportunities
Corporate
Home Business
International Business
Management
Online Business
Public Company
Public Relations
Small Business
News of the day
Affordable houses to provide Rs 500,000cr biz opportunity
The affordable housing segment will offer business opportunities worth over Rs 500,000 crore as India requires more than 10 million houses to be built by 2013-14.
Popular Articles
payday loans no faxing

Just imagine
Forty years ago, man landed on the Moon. Also in 1969, the Vietnam war ground on, high hippydom ruled Western youth culture, feminism was in its so-called second wave, and the collectivist kibbutz movement in Israel was at the peak of its post-war efficacy. In 1969, Ursula Le Guin was just gaining renown as a writer. In that year she turned 40, and published her best-known science fiction novel. In 2009 the author turned 80 and her book, still in print and now a classic, turned 40.

Future Group: Eyeing new horizons
Trust Kishore Biyani, the founder of Future Group, to spot new revenue streams before anybody else. The latest from Biyani is Indian-style hotels and schools to train entrepreneurs and help understand consumer behaviour. Both initiatives are expected to go on stream in the next six to eight months.

© Copyright 2009