Indonesia: Top rubber producers to cut exports by 240,000 tonnes for 4 months from Apr 19

• The world’s top producers of natural rubber will curb exports by 240,000 tonnes for four months from Apr 19, they said on 6 Mar 19, in a bid to prop up global prices for the commodity.
• The move was first announced in late-Feb 19, following a meeting of the International Tripartite Rubber Council (ITRC), which comprises Thailand, Indonesia, and Malaysia. However, the exact volume, start date and timeframe were not announced at that time.
• Formally known as the Agreed Export Tonnage Scheme (AETS), the export cuts will start in April and last for four months, the group said in a joint statement after a follow-up meeting in Bangkok this week to finalise details.
• The three countries account for around 70% of the world’s natural rubber production.
• Besides curbing exports, the group has also agreed to try to significantly ramp up domestic use of rubber in each of the three producers through developments such as rubberised roads.

External Link: https://www.reuters.com/article/asia-rubber/update-1-top-rubber-producers-to-cut-exports-by-240000-t-for-4-mths-from-april-idUSL3N20T11D