July 23, 2017 | 23:08 (GMT+7)
Thailand, Indonesia, Malaysia seek to cut rubber export
Thailand, Indonesia and Malaysia, the three largest rubber latex producers in Southeast Asia, are discussing the reduction of export in the second half of this year to mitigate impacts from global price plunge.
Thai media on July 22 quoted government sources as saying that the time for the export cut would be in August and around 300,000 tons of rubber would be cut from the countries’ export plans.
(Photo for illustration: thitruongcaosu.net)
Officials from the three countries are considering the volume to be axed and measures to deal with the situation.
A ministerial meeting of the three countries will be postponed between September and December so as to seek long-term solutions for the rubber industry.
The three countries’ representatives often meet annually to look for solutions to stabilize rubber price.
Thailand produces 4.5 million tons of rubber while Indonesia churns out 3.1 million tons, and Malaysia 720,000 tons. Altogether, the countries’ rubber output accounts for nearly 60 percent of the world’s, or around 12 million tons a year.
Source: VNA