THAILAND rubber exporters have agreed to slash their annual exports of 5,000 tonnes to balance the price of natural rubber in the global market.
Nattawut Saikua, Deputy Agriculture Ministry, said that this inhibition in the exportation of natural rubber is in accordance with the agreement between the members of the International Tripartite Rubber Council (ITRC), Thailand, Indonesia and Malaysia.
The member countries have agreed to cut down their respective export at a maximum of 300,000 tonnes this year.
The agreement has been in effect since October 1 as agreed by the Rubber Control Committee, enforcing the 5,000-tonne limit to decrease the rubber exports to 140,000 tonnes this year.
The Deputy Agriculture Ministry that the natural rubber prices are slowly picking up and following meetings with ITRC members, adding that Thailand may also meet with Vietnam and China to discuss about the issue.
Thailand will host the World Rubber Expo early next year and major rubber importers will be invited to the event, he said. (RJA)