March average RSS3 price announced by Central Rubber Market in Songkhla stood at 48.57 Baht/kg, up 2.55 % from February due to the following factors. Rubber output is tight due to wintering season in the northern hemisphere. Oil price increased at the monthly average of US$ 62.57 per barrel. These 2 factors considerably supported rubber price against further slump. Employment data in the U.S. suggested strong economy. However, Thai baht and Japanese yen appreciated. Investors were concerned over mounting trade tensions between the world's two largest economies. China rubber stocks were marginally higher in Shanghai but saw a mark increase in synthetic rubber in Qingdao despite some producers' move to curb exports as rubber stockpiles swell up in Japan and China among others. High stockpile and weak demand from China continue to dampen market sentiment in recent weeks despite firmer oil prices and modestly steady commodity prices. At the end of the month, the recovery was due to the news that trade war was easing, which gave the whole commodities market a boost.
In February, Thailand exported 328,737 tons of natural rubber (including compound rubber), up 1.57 % from January and 2.12 % yoy, generating export income of US$ 453.28 million, up 3.10 % from January, down 25.98 % yoy. Overall, during the first 2 months, Thai NR exports (including compound rubber) reached 652,406 tons, up 2.81 % yoy. The YTD export value touched us$ 892.93 million, down 23.01 % yoy.
In tyre sector, in February Thailand exported 10.69 million units of all tyres, up 10.12 % yoy, with the export value of US$ 369.32 million, up 8.48 % yoy. Overall, in January to February Thai exports of all tyres reached 21.43 million units, generating export revenue of US$ 755.49 million, up 18.33 % yoy.
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