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สาส์นจากนายกสมาคม TRA PRESIDENT VIEW
   Natural Rubber Situation in 2024
The global economy tends to slow down due to the effects of high inflation and interest rates. There are also strengthening of the US Dollar issues and geopolitical conflicts (Geopolitical Tension). For example, the war between Israel and Palestine may expand, and the Russian-Ukrainian war may intensify. Furthermore, the US-China economic polarization (Decoupling), in which the US and its allies reduce their reliance on trade with China and rely more on its group. Moreover, China's economy is slowing down due to structural problems. As a result, it may affect the global supply chain and Thai product exports. Besides, drought problems may be more severe than expected, resulting in a severe slowdown in agricultural production. The World Trade Organization (WTO) has estimated that the world real GDP growth rate will be 2.6% in 2023 and 2.5% in 2024. As for Thailand's economy in 2024, the export is expected to recover from the trend of global trade expansion and supply chain issues easing.

The rubber situation in 2024 is expected to slow down due to factors related to the global economy and the Chinese economy, which tend to grow at a slower rate, pressuring rubber prices to decline. The Association of Natural Rubber Producing Countries (ANRPC) projects the world's natural rubber production in 2023 at 15.15 million tons (up 3.5% from 2022), with Thailand being the world's largest NR producer, followed by Indonesia, Cote d'Ivoire, Vietnam, and India, respectively. As for the world's natural rubber demand, it is 15.44 million tons (down 0.5% from 2022), with China consuming the most natural rubber worldwide, followed by Thailand, India, EU-27& UK, and Indonesia, respectively. Thailand has faced the risk of more frequent and severe climate change. Furthermore, Thai entrepreneurs have faced the challenge of adapting to more strict climate change regulations around the world, including the Carbon Border Adjustment Mechanism (CBAM) and the EU Regulation on Deforestation-Free Products, which will come into effect in early 2025, covering 7 product groups: cocoa, coffee, soybeans, rubber, oil palm, cattle, and wood.

In conclusion, the Thai Rubber Association (TRA) strongly believes in long-lasting relationships and cooperations with the concerned sectors, i.e., government agencies, the private sector, rubber farmers, as well as the three largest natural rubber producers, namely Thailand, Indonesia, Malaysia, and other rubber-producing countries in ASEAN, to provide strategic direction and solutions to falling prices in the short-term and long-term and prepare to deal with various trade regulations for the sustainability of natural rubber.

On the occasion of the New Year 2024, I extend to you and your family our warmest greetings and wish you a happy New Year, great success in your career, happiness in your family, and perfect health and lasting prosperity.

Mr. Chaiyos Sincharoenkul
The Thai Rubber Association

Monthly of   January  2024     
[   August  2023 ]
icon Symposium on Manufacturing of Rubber Products under the Cooperation of the International Rubber Research and Development Board (IRRDB)
One of the important roles of the Thai Rubber Association (TRA) is to participate in academic conferences in Thailand and other countries. This is to bring technical knowledge, updated information, and rubber news to the Thai Rubber Association members. In 2023, Ms. Piyaporn Saelim, TRA Manager, was assigned by the TRA committee to attend the "Symposium on Manufacturing of Rubber Products: Opportunities and Challenges for NR" held by the International R...
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[   July  2023 ]
icon Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Cooperation
The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) sub-regional economic cooperation was an initiative formed in 1993 by the governments of Indonesia, Malaysia, and Thailand. The goal of IMT-GT is to push the private sector of the member states to be leaders in trading and investment, leading to economic growth. Furthermore, it aims to support regional economic development by exploiting their economic advantages as their similarity in geography, e...
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[   June  2023 ]
icon The EU Regulation on Deforestation-Free Products
The Thai Rubber Association (TRA) has been following up on the progress of the EU regulation on deforestation-free products. The products exported from Thailand that may be affected include rubber, wood, cattle, cocoa, coffee, palm oil, and soy. Rubber and rubber products will be the most affected, as the value of Thailand's exports to the EU exceeded 1,700 million USD in 2022.

The essence o...
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[   May  2023 ]
icon TRA Annual Dinner 2023
The Thai Rubber Association (TRA) organized the annual dinner 2023 at the Centara Grand At CentralWorld in Bangkok on Friday, May 12, 2023. The annual dinner was numerously attended by over 1,000 guests, including delegates from various government agencies, private organizations, dignitaries, and rubber businessmen in the country and international. It was our great honor to invite Dr. Kaveechatt Silapapiphat, Chairman of the Rubber Authority of Thailand...
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[   April  2023 ]
icon Turning Crisis into Opportunity with Rubber Innovation
The rubber situation in 2023 is expected to improve due to the global economy recovering from the COVID-19 epidemic crisis. Particularly, China has relaxed the COVID-19 control measures. It is expected that the Chinese economy tends to improve. The International Monetary Fund (IMF) expects the global economy to expand by 2.9% in 2023 and 3.1% in 2024. However, rising inflation is a factor slowing the economy and prone to a recession in the future. Meanw...
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