The Association of Natural Rubber Producing Countries (ANRPC) has released its Natural Rubber Trends & Statistics report for October-November 2020.
ANRPC says that world production of natural rubber (NR) fell by 8.5 per cent year-on-year to 10.098 million tons, between Jan-Oct 2020. Anticipating a 10.8 per cent drop during Nov-Dec 2020, the production during the full year 2020 is expected to be 12.597 million tons, down nine per cent from the previous year.
The revised outlook represents a downward revision by 304,000 tons, or 2.2 per cent from the 2020 outlook that ANRPC predicted in September 2020.
In 2021, the organisation anticipates world production to recover by 8.6 per cent, to 13.678 million tons. However, even if it increases at the anticipated 8.6 per cent rate, output in 2021 will remain lower than that in 2019 (13.842 million tons) and 2018 (13.839 million tons).
Meanwhile, ANRPC reports that world consumption of NR fell by 8.6 per cent, year-on-year, to 10.496 million tons for Jan-Oct 2020. Accounting for an anticipated 1.2 per cent increase during Nov-Dec, the likely world consumption during the full year 2020 is expected to be 12.811 million tons, a 6.9 per cent fall from the previous year.
The revised outlook represents an upward revision by 200,000 tons or 1.5 per cent from the outlook reported in September 2020. In 2021, world consumption is anticipated to make a recovery of 4.9 per cent to 13.436 million tons, according to ANRPC.
It adds that consumption in 2021 will not reach the quantity consumed in 2019 (13.768 million tons) or in 2018 (13.898 million tons).