Strict import limitations help to stabilise domestic rubber prices: Minister

Friday, 16 December 2022 00:24 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya

State Minister of Finance Ranjith Siyambalapitiya yesterday said measures taken to control rubber imports for export industries has successfully stabilised the domestic prices.

“The unlimited rubber imports were a major hindrance to stabilise the domestic rubber prices.

Following strict regulation, we now see a drastic drop in rubber imports,” he said at the second progress review meeting of the committee appointed to investigate the decline in domestic rubber prices and excess imports.

A Committee was appointed to look into the circumstances surrounding local small-scale rubber growers’ inability to sell their products comprising representatives from the Ministry of Plantation Industry, the Chamber of Commerce, and the representatives of institutions including the Rubber Development Department,

The import of rubber which was at 4,058 tons in October has dropped by 48% to 2,126 tons in November. Total import of rubber has decreased by 77% as of 10 December. Total imports of rubber till 10 December is at 162 tons, the Ministry stated.