BANGKOK—The governments of Thailand, Malaysia and Indonesia, members of the International Tripartite Council, have started a cut in exports of natural rubber.
In a Dec. 22 statement, ITRC's operational arm the International Rubber Consortium said the trio would cut NR exports by 350,000 metric tons between Dec. 22 and March 31.
Dubbed the "Agreed Export Tonnage Scheme," the plan will be implemented through each country's respective domestic regulators. The plan addresses business commitments under existing forward contracts, and its measures include using NR in various sectors such as transport, consumer goods and rubberized roads.
The AETS move follows through on a decision to curb exports, which was agreed to following an ITRC meeting in Bangkok on Nov. 29. According to the IRCo report, the meeting examined cooperation among the three countries to increase NR consumption domestically.
The three countries have voiced their confidence that the new steps will help prices recover.