YANGON, Dec. 1 (Xinhua) -- Myanmar is drafting legislation for a central rubber market, the official Global New Light of Myanmar reported Friday.
The planned rubber market, projected to release the market prices, control the prices and maintain quality, will be the spot where local and foreign businesses can bid for rubber, the report said.
Around 70 percent of Myanmar's rubber goes to China through border gates.
Rubber is mainly grown in Myanmar's southern Mon and southeastern Kayin states as well as Tanintharyi, Yangon and Bago regions.
Statistics show that there are 676,300 hectares of rubber plantations across the country but only about 283,500 hectares can produce natural rubber.
In first seven months of the present fiscal year 2017-2018, Myanmar earned 89 million U.S. dollars from rubber exports, increasing by 26 million U.S. dollars compared to the same period of the last fiscal year 2016-2017.
More than 90 percent of rubber production goes to export market but the export accounts for only 1.6 percent of that in the global market.
In export market, the price of Myanmar's rubber is low due to lack of better technology and quality, traders said.