October average RSS3 price announced by Central Rubber Market in Songkhla stood at 42.37 Baht/kg, down 0.12 % from September due to the following factors. Rubber prices remain neutral although supplies continue to put pressure. Shanghai rubber stockpile has increased 8,000-9,000 tons in contrast with weak demand. Oil price declined due to rising stock in the US, coupled with weaker global demand of oil caused by trade war between the US and China. The trade war partially resulted in slowdown in the global economy. In biggest rubber user such as China, 3Q economic growth stayed at -0.2% lower than market expectation. Chinese production and export sector has witnessed slowdown. In addition, India is facing inflation and higher interest rate. However, certain positive factors supported rubber price against further decline. Thai rubber output reduced amid the rainy season which disrupted tapping in contrast with continued domestic and foreign demand. Overall Thai export continues to expand due to depreciating baht. In addition, positive factors in consuming countries were witnessed in Chinese car sales during the first 8 months of 2018 which increased 3% yoy to 18 million units as well as the ongoing expansion of the US industrial production sector.
In September, Thailand exported 282,775 tons of natural rubber (including compound rubber), down 9.01 % from August and 8.85 % yoy, generating export income of US$ 361.31 million, down 10.03 % from August and 23.17 % yoy. Overall, during the first 3 quarters, Thai NR exports (including compound rubber) reached 2,765,256 tons, up 1.32 % yoy. The YTD export value touched US$ 3.79 billion, down 20.87 % yoy.
In tyre sector, in August Thailand exported 10.7 million units of all tyres, down 0.47 % yoy, with the export value of US$ 416.65 million, up 8.25 % yoy. Overall, during the first 3 quarters, Thai exports of all tyres reached 97.66 million units, up 4.94 % yoy, generating export revenue of US$ 3.63 billion, up 11.88 % yoy.
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