ANNOUNCED AS TEMPORARYNo
On 7 March 2016, the Indonesian Ministry of Trade issued a press release stating that the members of the Indonesian Rubber Association (GAPKINDO) have agreed to curb the exports of natural rubber.
According to the press release, the International Tripartite Rubber Council - consisiting of Indonesia, Malaysia and Thailand - had agreed on 4 February 2016 to curb the world supply of natural rubber between 1 March and 31 August 2016. During this time, Thailand will export 324'005 tonnes, Indonesia 238'736 and Malaysia 52'259 tonnes of natural rubber.
The move was a reaction to the 70% drop of world prices for natural rubber compared to its 2011. According to media reports, the three countries represent two thirds of the global supply of natural rubber.
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