The Thai government will reduce natural rubber exports from October 1 of this year to March 31 of 2013, said sources with the Thai Rubber Association.
In their latest move to shore up rubber prices,Thailand,MalaysiaandIndonesiaagreed to reduce their natural rubber exports by a total of 300,000 metric tons.
The three countries account for 70% of the global rubber output.
Head of the Thai Rubber Association noted that the government would cut the country’s natural rubber exports by 150,000 metric tons, which represented 5% of its annual exports in 2011.
Rubber vendors have already received detailed circular concerning the issue, said the source.
Thailand is the world’s largest natural rubber producer and exporter, with rubber output taking up a third of the world’s total.
(Contributed by Olivia, Olivia@tireworld.com.cn)
