The Plantation Industries and Commodities Ministry expects the global rubber market in 2015 to improve in contrast to this year.
Its Minister, Datuk Douglas Uggah Embas, said the global economy was expected to grow at the rate of 3.4% next year compared to 2.8% in 2014.
“Other than this, China, the biggest importer of natural rubber, is also forecast to post growth of 7.6% in 2015 when compared to 7.5% this year,” he added.
He said this in a written reply to V. Sivakumar (DAP-Batu Gajah) who asked what the government’s projection for the rubber market next year was and the steps taken by neighbouring countries to arrest the decline in the near and long term.
Uggah said to strengthen the rubber market in the near term, Thailand, Indonesia and Malaysia were cooperating within the International Tripartite Rubber Council (ITRC) framework to limit the export of natural rubber for a specific period.
He added that the ITRC was also monitoring the development in new areas and the increase in rubber production for every member country until 2020 to ensure offers did not exceed the projected demand globally.
Uggah said the participation and cooperation among other Asean rubber producers was also being enhanced to strengthen the rubber industry.