Export Restriction Boosts Natural Rubber Price

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Kamis, 1 Januari 1970 07:00 WIB

A worker sits by the rubber trees. Indonesia Rubber production only capable of 1 million tons, as the ideal intake for rubber is 4.2 million tons per annum. TEMPO/Marifka Wahyu Hidayat

TEMPO.CO, Jakarta - Joint effort of Indonesian, Thai and Malaysian governments as members of world rubber exporting countries restricting rubber exports through Agreed Export Tonnage Scheme (AETS) managed to boost the price of the commodity with 5 percent increase on January 2018.

The average price of natural rubber according to Daily Composite Price IRCo (14-day moving average) went up from $1.46 dollars per kilogram on December 21, 2017, into $1.54 dollars per kilogram on January 31, 2018.

Read: ITRC Agrees to Cut Rubber Exports

The Trade Ministry’s international trade director general Oke Nurwan explained that five countries members of International Tripartite Rubber Council (ITRC) on December 22, 2017, agreed to AETS that covered reduction of export volume from January to March 2018.

"ITRC agreed to reduce natural rubber export volume as much as 350,000 tons for three months from January to March 2018. The decision was implemented in the fifth AETS. It results in 5 percent increase of the commodity," Oke said on Saturday, Feb. 10.

ANTARA

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