Thailand monthly rubber report - June 2017
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June average RSS3 price announced by Central Rubber Market in Songkhla stood at 57.09 Baht/kg, down 20.79 % from May due to the following factors. Yen remained volatile and stronger. Baht reached its 23 month high in June. Global crude oil price decreased although OPEC agreed on extending production quota period until next year. The 2 aforesaid factors resulted in short sale in futures markets in anticipation of profit. Chinese rubber stock increased by 1.85 % to 346,835 tons as of 9 June from 340,530 tons as of 2 June. The International Monetary fund has raised its forecast for China’s gross domestic product (GDP) to 6.7 per cent for 2017, up from 6.6 per cent previously; and revised its 2017 gross domestic product growth forecast for the US downward from 2.3 per cent to 2.1 per cent, citing the Trump administration's inability to implement its economic policies.
In May, Thailand exported 277,288 tons of natural rubber (including compound rubber), down 0.28 % from April, up 2.55 % yoy, generating export income of US$ 513.35 million, down 9.15 % from April, up 42.02 % yoy. Overall, during January to May Thai NR exports (including compound rubber) reached 1,545,602 tons, down 2.45 % yoy. The YTD export value touched US$ 2.97 billion, up 59.31 % yoy.
In tyre sector, in May Thailand exported 10.87 million units of all tyres, up 9.40 % yoy, with the export value of US$ 384.86 million, up 24.30 % yoy. Overall, during January to May Thai exports of all tyres reached 49.33 million units, up 8.66 % yoy, generating export income of US$ 1.69 billion, up 23.68 % yoy.
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