BANGKOK, 16 April 2019 (NNT) - To solve the problem of low rubber prices, the three major rubber exporting countries are ready to continue measures to limit rubber exports to 240,000 tons.
The Board of Directors of the International Rubber Joint Venture Co., Ltd., which consists of representatives of Thailand, Indonesia and Malaysia, have convened a joint meeting in Bangkok to discuss many issues including the sixth initiative on export volume restrictions.
The three member states have agreed to enforce export controls under the rules and regulations of each country for four months starting from April 1, 2019. The three countries will jointly limit the level of rubber exports to 240,000 tons in total.
The meeting also considered an analysis of the rubber statistics of the three member countries of the International Tripartite Rubber Council: ITRC, which found that rubber production data that has been collated from many sources in the past is not consistent.
Therefore, the meeting has confirmed rubber production data for 2018 as follows:
Thailand produced 4.879 million tons of rubber, while Indonesia produced 3.63 million tons of rubber and Malaysia produced 603,000 tons of rubber.