TOP NR PRODUCERS TO CUT RUBBER EXPORTS BY 240,000 TONNES

The International Tripartite Rubber Council (ITRC), comprising Thailand, Indonesia, and Malaysia, announced plans to reduce rubber exports by 240,000 tonnes for a period of four months beginning April 1, 2019 to boost the price of the commodity.

The decision to this effect was taken at a meeting of the council held in Bangkok on March 4-5 to finalise the implementation details of the Sixth Agreed Export Tonnage Scheme (AETS).

The cut in rubber exports is expected to check further fall in NR prices, which was predominantly lower through 2018 and in early 2019, and to ensure remunerative prices for rubber smallholders and other stakeholders in the NR industry. The three member-countries of ITRC account for around 70 %t of the global rubber production.

ITRC said a monitoring and surveillance committee has been established to monitor and ensure compliance with the AETS.