Thailand's rubber exports are expected to increase by 25% in 2021

According to Thai media reports, the Thai Ministry of Commerce recently stated that in the first five months of 2021, Thai rubber exports have increased by more than 50% year-on-year. The export value was 70.34 billion baht, an increase of 50.8% from 46.65 billion baht in the same period last year. Export volume increased from 1.17 million tons in the same period last year to 1.39 million tons.

Lakchai Kittipol, Honorary President of the Thai Rubber Association, revealed that the substantial increase in rubber exports was due to the low export base last year. He said that the global economy is beginning to recover, and orders from many countries are increasing.

He said that the export price of rubber this year is higher than last year. Exports continue to expand, but the growth rate has slowed because trading partners have already purchased part of the inventory.

He said that this year’s rubber exports should be close to last year, because Thailand’s rubber production is still not large. During this period, rain also hindered production, and foreign workers could not enter due to the spread of the new crown virus.

As the global economy has improved compared to last year, rubber exports this year are expected to increase by at least 25% (total value of 136.125 billion baht).

The top five export markets for Thai rubber are: China, Malaysia, Japan, the United States and South Korea. All markets experienced double-digit growth. In the first five months of this year, the Chinese market grew by 33%, Malaysia by 61%, Japan by 82%, the United States by 52%, and South Korea by 36%.