Thailand, Indonesia, Malaysia seek to cut rubber export

Thailand, Indonesia, Malaysia seek to cut rubber export (Illustrative image. Source: VNA)

Hanoi (VNA) – 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 tonnes of rubber would be cut from the countries’ export plans.

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 tonnes of rubber while Indonesia churns out 3.1 million tonnes, and Malaysia 720,000 tonnes. Altogether, the countries’ rubber output accounts for nearly 60 percent of the world’s, or around 12 million tonnes a year.-VNA

VNA