Sri Lanka aims to increase raw rubber production

Sri Lanka aims to make the rubber sector a 3.0 billion US dollar industry in 2020.

Sri Lanka needs to export more value added rubber products than raw rubber to achieve the government set target of three billion US dollars in 2020.

Sri Lanka is world’s sixth largest rubber exporter and eighth largest natural rubber producing country in the world. Around 70 percent of global rubber production goes to the tyre industry. Sri Lanka rubber exports has increased to 960 million dollars in 2013 up from 100 percent from year 2009. In 2013, Sri Lanka exported 72 million dollars of natural rubber and 887 million dollar of rubber finished products.
However experts say the rubber prices are not so conducive in the global market currently but will bounces back soon. About 65 percent of the total planted rubber in Sri Lanka are owned by small farmers.

Source: Date: 13 November, 2016