Oct. 1 (Bloomberg) -- Natural rubber imports by India, the fourth-biggest producer, surged 54 percent in September as tire makers increased purchases, the state-owned Rubber Board said.
Incoming shipments jumped to 28,720 metric ton from 18,612 tons a year ago, the board said today. Purchases in the April- September period declined 12 percent to 107,190, it said.
India’s passenger car sales rose to a record for a second straight month in August as economic growth and new models from Nissan Motor Co. and Volkswagen AG stoked demand. Bridgestone Corp. said in March it will spend 50 billion yen on a second plant in the country, joining local rivals Apollo Tyres Ltd. and Ceat Ltd. in adding capacity.
Rubber production last month climbed 4.3 percent to 77,500 tons after farmers increased tapping to benefit from high prices, the board said. Output in the nine months ended Sept. 30 added 7.6 percent to 375,250 tons, it said.
Demand in April to September expanded 2 percent to 465,550 tons as tire makers boosted output and exports, the board said. Stockpiles at the end of last month totaled 268,065 tons, 28 percent more than a year earlier, it said.
(businessweek.com)
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