Vietnam, one of the top rubber-producing countries in the world is participating in the meeting of the International Tripartite Rubber Council (ITRC) to be held on December which caused speculations that this fourth-largest producer of rubber in the world, may soon join in with Thailand, Indonesia and Malaysia, according to the Deputy Agriculture Minister Natthawut Saikua.
Once Vietnam agrees to join the group, 80% of the world’s rubber exports will come from the group.
The country is producing 500,000 tonnes a year and is planning to raise its production to 1 million tonnes by 2023.
The three members of the ITRC have already agreed to cut their shipments by 300,000 tonnes starting next Tuesday.
Prices of natural rubber have started to increase after a 14-month slump from 77.63 baht to 90 baht per kg.
Last week, the natural rubber sheet prices increased at 91.69 baht per kg. while smoked sheet rubber was at 95.05 baht.
The director of Kasetsart University’s Office of Agriculture Economics, Charuk Singhapreecha said that the rubber prices may exceed to 100 baht per kg next month and the global economy recovers. (PRA)