KUALA LUMPUR, Malaysia—The Association of Natural Rubber Producing Countries has readjusted its global natural rubber statistics based on new data from non-member states.
Based on the revisions made to its demand figures among non-ANRPC member countries, global NR consumption grew 2.9 percent to 14.975 million metric tons during 2022.
This compares to year-on-year growth of 1.6 percent reported in February, the association noted in its March monthly report, published April 18.
The substantial increase from the preliminary estimate was due mainly to the performance from European Union and United Kingdom, the U.S., Japan, South Korea, Canada and Turkey.
As well as the revision for 2022, ANRPC also upgraded its outlook for global demand for the commodity in 2023.
To reflect the updated figures, the industry body expects a marginal year-on-year contraction in demand to 14.912 million tons for the year.
The figure, nevertheless, reflects an increase of about 173,000 tons from the previously projected 14.739 million tons reported in February.
The upward revision, ANRPC said, is due to anticipated increases in demand from China and India, two key NR consuming countries.