KUALA LUMPUR, Malaysia—The natural rubber market has seen a slowdown in growth rates for both supply and demand, according to the Association of Natural Rubber Producing Countries.
The declines, compared to 2021, were linked to multiple factors, including the impact of COVID-19, labor issues and climate-related disruptions, the association said in its latest monthly report.
Total annual NR production reached 14.3 million metric tons in 2022, compared to 14.0 million metric tons reported the year before. The pace of growth, however, stood at 1.9 percent, down from 3.7 percent in 2021.
According to ANRPC, production growth was slower due to a "prevailing labor shortage, leaf diseases, unfavorable climate and other local factors in respective producing countries.
Vietnam, China, Malaysia and Sri Lanka reported year-on-year decline in production, led by Malaysia and Sri Lanka, which saw production dip by 16 percent and 8.4 percent, respectively.