Ivory Coast becomes third largest producer of natural rubber globally
TLDR
- Ivory Coast rises to become the 3rd largest natural rubber producer globally, surpassing Vietnam.
- Thailand and Indonesia face output declines, leading to a 3% decrease in global production.
- Global demand for natural rubber, mainly from the tire industry, slightly decreases by 1% in 2023.
Ivory Coast has surpassed Vietnam to claim the third position as the largest producer of natural rubber, trailing behind Thailand and Indonesia - both of which have experienced output decline.
Production in the West African nation meanwhile has surged, reaching 1.6 million tonnes in 2023, marking a 25% increase from the previous year. It contributed 12% to global rubber production.
However, declines in Thailand (8%) and Indonesia (18%) resulted in an overall 3% decrease in global production. Demand for natural rubber, primarily driven by the tire industry, also experienced a slight dip of 1% to 14.1 million tonnes in 2023, closely aligning with the overall supply.
Points clés à retenir
Previously ranked 4th, Ivory Coast has now emerged as the leading producer of rubber on the African continent, contributing nearly 80% of Africa's rubber production. However, despite its significant output, Ivory Coast faces a challenge in terms of rubber transformation, with only 0.5% of the revenue generated from the over $350 billion rubber sector benefiting Ivorian producers. To address this issue, the Ivorian government implemented a strategy in 2021 aimed at achieving 100% local transformation of rubber production by 2025. As part of this strategy, natural rubber exports were banned in November 2023. Currently, Ivory Coast hosts nearly five major rubber companies/industries operating within the country, reflecting efforts to enhance local processing and value addition within the rubber sector.
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