Thailand, Indonesia, Malaysia determine export quotas for rubber exports

BANGKOK, Dec 23 (TNA) -- Thailand, Indonesia and Malaysia have come to an agreement to set the rubber export quota to no more than 350,000 tons for 3 months. Mr Titus Suksaard, Governor of the Rubber Authority of Thailand (RAT), and the official Thailand's representative to the International Tripartite Rubber Council (ITRC), stated that the quota was determined at a meeting held on Friday with official representatives from the three nations. The export quota will cover a total of three months effective immediately until March 2018. This is part of a cooperative effort to reduce rubber exports from the three nations based on the Association of Natural Rubber Producing Countries (ANRPC)’s report of rubber surplus in the world market. It is hoped that the quota will help increase the price of rubber in the world market. The meeting also concluded that each nation should commit to increase the consumption of natural rubber in its respective countries to help balance world market supplies. Recommended uses are within transportation, utilities, infrastructure, munitions, sports, health, as well as, consumer goods sectors. Mr Titus stated, “On behalf of the ITRC, we are confident that implementing this initiative will help stabilise world market prices. This will in turn will benefit rubber plantation owners, the agriculture sector and other relevant stakeholders in the long run. The ITRC and Rubber Board the will keep a close eye on the natural rubber supply and the initiative to raise the consumption.” (TNA)