PATIPAT JANTHONGMore than 300,000 tonnes of rubber were sold at the Commerce Minister's business matching event for the industry, with more orders expected to follow to help boost demand for the commodity. Commerce Minister Apiradi Tantraporn said yesterday's event gathered more than 100 Thai and foreign rubber companies and generated up to 15 billion baht of rubber trade. Tyre production normally takes up over 60% of global rubber production of more than 12 million tonnes a year. Natural Thai rubber prices have been falling over the past few years largely due to oversupply from major rubber-producing countries as the weak global economy cut demand in the auto industry -- and for natural rubber eventually. Apart from accelerated rubber sales through export channels, the government has also encouraged businesses, state agencies and education institutes to switch to more local-made natural rubber to help boost domestic demand.

Source: Bangkok Post August 02, 2017 19:18 UTC