ANRPC's latest report for July 2023 forecasts that global production of natural rubber in July is expected to increase by 2.1% to 1.271 million tons, an increase of 14.9% from the previous month, while the consumption of natural rubber is expected to increase by 3.1% to 1.314 million tons, an increase of 0.8% from the previous month.
In 2023, the global production of natural rubber is expected to increase by 2.5% year-on-year to 14.937 million tons. Among them, Thailand increased by 2.5%, Indonesia increased by 1.8%, China decreased by 0.1%, India increased by 3.8%, Vietnam increased by 0.2%, Malaysia increased by 11.4%, and other countries increased by 2.8%.
In 2023, the global consumption of natural rubber is expected to increase by 0.4% year-on-year to 15.601 million tons. Among them, China increased by 0.2%, India increased by 5.7%, Thailand decreased by 26%, Malaysia increased by 5.8%, Vietnam increased by 8.5%, other countries increased by 0.6%.
Increased market sensitivity to a cautious market environment, coupled with growing concerns about China's economic slowdown, successive Fed interest rate hikes, and geopolitical tensions, hampered the impetus this near-market-equilibrium development gave to the outlook for the natural rubber market, the report noted.