November average RSS3 price announced by Central Rubber Market in Songkhla stood at 46.21 Baht/kg, down 11.24 % from October due to the following factors. Investors were concerned over uncertainty of Republican's efforts to pass a tax bill. China’s exports and import growth eased in October in a sign the world’s second-largest economy is starting to cool after a strong first half, with momentum seen slackening further as Beijing’s crackdown on pollution hits factory output. China’s manufacturing activity grew at the weakest pace in five months in November as input costs remained high and tougher pollution measures weighed on business confidence. The Caixin/Markit Manufacturing Purchasing Manager’s Index (PMI) dipped to 50.8 from 51.0 in October. However, certain positive factors supported rubber price against further slump. OPEC and Russia have officially agreed to extend production cuts by nine months, through the end of 2018, per Bloomberg. Oil prices jumped 2% on 22 November, touching $58.09 a barrel, the highest since July 2015. Expansive floods in southern Thailand rubber plantations disrupted tapping, resulting in tight output. In addition, baht and yen depreciated in late November.
In October, Thailand exported 325,441 tons of natural rubber (including compound rubber), up 4.90 % from September and 4.47 % yoy, generating export income of US$ 500.76 million, up 6.48 % from September and 22.01 % yoy. Overall, during January to October Thai NR exports (including compound rubber) reached 3,055,551 tons, down 2.67 % yoy. The YTD export value touched US$ 5.30 billion, up 40.47 % yoy.
In tyre sector, in October Thailand exported 10.13 million units of all tyres, up 9.26 % yoy, with the export value of US$ 376.26 million, up 23.0 % yoy. Overall, during January to October Thai exports of all tyres reached 103.20 million units, up 10.56 % yoy, generating export income of US$ 3.62 billion, up 22.38 % yoy.
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