Rubber sees big rebound as glove exports soar due to Covid-19 outbreak
Export of Thai rubber gloves in September increased 154.9 per cent compared to the same period last year, while exports in the first nine months of 2020 expanded 61.4 per cent year on year, thanks to skyrocketing demand due to Covid-19, a source from Ministry of Commerce said on Friday.
The source also added that several foreign customers chose Thai glove manufacturers over Chinese ones, as they still have safety concerns regarding importing goods from China.
“The ministry has been working with foreign partners to find business matches for Thai manufacturers. So far, 69 business matches have been secured,” added the source.
According to the source, export of all rubber products in September totalled 200,173 tonnes, valued at US$250 million (Bt7.8 billion), down 8.2 per cent year on year, while exports in the first nine months totalled 1,895,328 tonnes valued at $2.36 billion, down 12.2 per cent year on year.
Meanwhile, the Rubber Authority of Thailand (RAOT) reported on Friday that as of October 22 the price of grade 3 smoked sheet rubber was Bt64.97 per kg and continued to rise.
“The average rubber price in November could rise to Bt70.7 per kg in the Bangkok market and Bt70.4 per kg in the Songkhla market,” said the authority, explaining that China predicts its GDP expansion at 4.9 per cent and it prefers to import rubber from Thailand.
“Furthermore, some neighbouring countries that also produce rubber have been suffering from natural disasters in the past month, while Thailand’s southern region is also suffering from frequent rains and labour shortage during the outbreak, which will result in lower rubber output and hike the prices,” it added.