Thailand's natural rubber industry is likely to remain depressed this year despite a sharp rise in demand for protective rubber gloves driven by the COVID-19 pandemic.
Bangkok (VNA) 𒈔- Thailand's natural rubber industry is likely to remain depressedthis year despite a sharp rise in demand for protective rubber gloves driven bythe COVID-19 pandemic.
LuckchaiKittipol, Honorary President of the Thai Rubber Association, said the viruscrisis has prompted many automotive factories, notably in the US and Europe, toshut down or reduce their production, resulting in lower rubber tyre demand.
Theworld's overall automotive demand plunged, particularly during the lockdownmeasures, he said. In addition, the global economic recession and overall tepidbusiness sentiment have wrecked auto demand.
Thailandis the world's biggest producer of natural rubber, making 4.8 million tonneslast year, with exports accounting for up to 3.97 million tonnes.
Thecountry ranks fourth for exports of rubber products and processed rubber,trailing China, Germany and the US.
Suchexports totalled 11.2 billion USD last year, up 2 percent. Key markets includethe US, China, Japan, ASEAN and Australia, with auto tyres accounting for 51percent of the shipments, followed by synthetic rubber and rubber gloves at 19percent and 11 percent, respectively.
TheThai Commerce Ministry reported global demand for protective gloves is soaringin light of the coronavirus pandemic, driving Thailand's rubber glove exportsto surge 16 percent year-on-year in the first four months of 2020 to 449million USD.
In 2019, Thailand produced more than 20 billion rubber gloves, with exportsmaking up 89 percent of total production.
Lastyear, Thailand fetched 1.2 billion USD from rubber glove exports. The countrywas the third-largest rubber glove exporter, after Malaysia and China.
Accordingto Luckchai, Thailand's natural rubber production is estimated to stay at 4.7million tonnes this year, with exports accounting for about 3.8-3.9 milliontonnes./.
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