- March 6, 2019
- Posted by: admin
- Category: Daily News
- 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.