BANGKOK—Indonesia and Malaysia have agreed to cut back exports of natural rubber by 240,000 metric tons over a four month period.
Senior officials from the International Tripartite Rubber Council met in Bangkok March 4-5 to work out the details of the cuts, which were disclosed last month.
The agreed export tonnage scheme (AETS) will be implemented for four months starting April. The move is intended to address "the prevailing depressed NR price level," according to the International Rubber Consortium—ITRC's operational arm.
Collectively, the three countries produce roughly 60 percent of global rubber output of over 12.7 million tons.