Thailand to cut rubber exports by over 126,000 tons

BANGKOK, May 21 (TNA) - Thailand plans to cut exports of natural rubber products by 126,240 tons over the next couple of months to comply with a latest resolution of the International Tripartite Rubber Council (ITRC). Thai Agriculture and Cooperatives Minister Grisada Boonrach told journalists of the plan, saying that his ministry will encourage rubber exporters in the country to reduce their rubber exports voluntarily to maintain the free trade principle. Grisada stated that Indonesia, a major stakeholder of International Rubber Consortium Limited (IRCo), has sought cooperation from Thailand to cut the country's exports of natural rubber products to boost the prices of the products on the world market. According to the minister, the Indonesian move followed the ITRC resolution on cutting exports of natural rubber products by the world's three largest exporters of rubber products, including Indonesia, Malaysia and Thailand, by a total of 240,000 tons during May 20-September 19, 2019. The Thai minister acknowledged that based on the resolution, Indonesia, Malaysia and Thailand are obliged to cut their exports of natural rubber products by 98,160 tons, 15,000 tons and 126,240 tons respectively, with Jakarta and Kuala Lumpur having started cutting their exports of natural rubber products since April 1. Meanwhile, the Rubber Authority of Thailand (RAOT) has called a meeting with 197 Thai exporters of natural rubber products to encourage them to participate in the Agreed Export Tonnage Scheme (AETS), run in accordance with the ITRC resolution, on the reduced supply of natural rubber products to raise their prices on the world market, including ribbed smoked sheets, block rubber and concentrated latex. (TNA)