Illustrative image (Photo: Association of Natural Rubber Producing Countries' website) Phnom Penh (VNA) – Cambodia isoptimistic about the prospect of a rubber price recovery amid falling globalprices, said a local official.
The price will recover soon when global supply decreasesand China starts buying more rubber, said Pol Sopha, Director-General of the RubberDirectorate under the Cambodian Ministry of Agriculture.
He added that the World Bank (WB), theInternational Monetary Fund (IMF) and the UN Food and Agriculture Organisation(FAO) all predicted the rubber price would reach 2,200 USD per tonne.
The price on the global market dropped tobetween 1,600-1,700 USD per tonne from 2,400 USD in January and February,according to Men Sopheak, General Secretary of the Association for RubberDevelopment of Cambodia.
The price fall was driven by a slowdown of the globaland regional economy, especially the Chinese economy, global unrest,speculation from investors in the stock market and US dollar appreciation.
Cambodia is currently home to 437,000 ha ofrubber, 64 percent of which is controlled by rubber industry firms and the restby family-run operations.
In the first quarter of the year, the SoutheastAsian country shipped 50,000 tonnes of rubber overseas, mostly to Vietnam,Malaysia, Singapore and China. - VNA
The price will recover soon when global supply decreasesand China starts buying more rubber, said Pol Sopha, Director-General of the RubberDirectorate under the Cambodian Ministry of Agriculture.
He added that the World Bank (WB), theInternational Monetary Fund (IMF) and the UN Food and Agriculture Organisation(FAO) all predicted the rubber price would reach 2,200 USD per tonne.
The price on the global market dropped tobetween 1,600-1,700 USD per tonne from 2,400 USD in January and February,according to Men Sopheak, General Secretary of the Association for RubberDevelopment of Cambodia.
The price fall was driven by a slowdown of the globaland regional economy, especially the Chinese economy, global unrest,speculation from investors in the stock market and US dollar appreciation.
Cambodia is currently home to 437,000 ha ofrubber, 64 percent of which is controlled by rubber industry firms and the restby family-run operations.
In the first quarter of the year, the SoutheastAsian country shipped 50,000 tonnes of rubber overseas, mostly to Vietnam,Malaysia, Singapore and China. - VNA
VNA
