Imports of rubber into India, the world’s second-biggest consumer, provisionally rose 11.97% year on year to 20,127 tonnes in July as tyre makers cashed in on lower customs duties, the state-run Rubber Board said in a statement.
Rubber imports rose 10.4 percent in April-July to 62,056 tonnes. Shipments are expected to touch a record of 200,000 this fiscal year, Reuters reported.
India, the world’s fourth biggest producer, imports natural rubber from Thailand, Indonesia, Malaysia and Vietnam.
The federal government had allowed imports with a duty of 20% or INR20 a kilogram (kg), whichever is lower, for the current financial year, effectively cutting the import duty.
Consumption rose 4.8% to 323,875 tonnes in the first four months of the fiscal year, while production also rose 5.8% to 238,400 tonnes, the board said.