Thailand, Indonesia, Malaysia seek to cut rubber export
Thailand, Indonesia and Malaysia, the three largest rubber latex producers in Southeast Asia, are discussing the reduction of export in the second half of this year to mitigate impacts from global price plunge.
Thailand, Indonesia, Malaysia seek to cut rubber export (Illustrative image. Source: VNA)
Hanoi (VNA)– Thailand, Indonesia and Malaysia, the three largest rubber latex producers inSoutheast Asia, are discussing the reduction of export in the second half ofthis year to mitigate impacts from global price plunge.
Thai media on July 22 quoted government sources as saying that the time for theexport cut would be in August and around 300,000 tonnes of rubber would be cutfrom the countries’ export plans.
Officials from the three countries are considering the volume to be axed andmeasures to deal with the situation.
A ministerial meeting of the three countries will be postponed betweenSeptember and December so as to seek long-term solutions for the rubberindustry.
The three countries’representatives often meet annually to look for solutions to stabilize rubberprice.
Thailand produces4.5 million tonnes of rubber while Indonesia churns out 3.1 million tonnes, andMalaysia 720,000 tonnes. Altogether, the countries’ rubber output accounts fornearly 60 percent of the world’s, or around 12 million tonnes a year.-VNA
Malaysia’s rubber export was estimated to hit 38 billion RM (equivalent to 11.8 billion USD) in 2013 and is forecast to reach 40.4 billion RM (12.5 billion USD) in 2014.
The Ministry of Finance is considering scrapping the rubber export tax, with an aim to remove difficulties for companies amid falling latex prices and declining exports.
Vietnam ranked the world's third largest natural rubber producer and the fourth largest exporter following Thailand , Indonesia and Malaysia in 2013. Currently, when the rubber supply exceeds the demand, Vietnam needs to enhance the competitive edge to be able to maintain its rank in the global market, the Vietnam Business Forum Magazine (VBF) reported.
Natural rubber export prices are on a rising trend since the beginning of May following concerted efforts from the Ministry of Agriculture and Rural Development and the Vietnam Rubber Association (VRA), reported the Thoi bao Kinh Te Vietnam (Vietnam Economic Times).
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
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The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Thailand, Indonesia, Malaysia seek to cut rubber export (Illustrative image. Source: VNA)
