Effective reduction in rubber exports

BANGKOK, April 14 (TNA) -- Thailand reduced its rubber exports by 274,000 tons in the first quarter of this year in a bid to stabilize rubber prices. Nakorn Tagavirapat, deputy governor of the Rubber Authority of Thailand, said the reduction was part of cooperation by Thailand, Malaysia and Indonesia which were the world’s biggest rubber producers. The three countries agreed to cut their rubber exports by 350,000 tons in the first quarter to stabilize global rubber prices. Under the agreement, Thailand was required to reduce the exports of ribbed smoked sheets, technically specified rubber and rubber compounds by 234,810 tons. In fact, it cut the exports by 274,056 tons from figures in the same period in 2016 and 2017. The price of ribbed smoked sheets in Songkhla province closed at its daily highest level at 48.68 baht per kilogram on April 11. It rose slightly due to futures prices and lower supplies in markets. (TNA)