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สาส์นจากนายกสมาคม TRA PRESIDENT VIEW
 
   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
President
The Thai Rubber Association

Monthly of   January  2024     
     
  history  
 
[   April  2022 ]
icon Rubber Expo 2021 “City of Rubber Innovation”
Natural rubber is a significant economic crop in Thailand. Since 1991, Thailand has been the world’s top producer and exporter of natural rubber. In 2021, Thailand had tapping areas of 3.50 million hectares with a yield of 5.17 million tons, 925,808 tons for domestic consumption, and 4.18 million tons for export (Rubber Division of the Department of Agriculture). Most rubber plantations, as well as rubber processing factories, are in the south of Thai...
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[   March  2022 ]
icon The Russia-Ukraine Crisis and its Impact on Thai Economy
The Russia-Ukraine conflict, which has been at war since February 24, 2022, has a wide global impact. The huge impact that affects many countries is rising crude oil prices in the world’s market. If the crisis is prolonged, crude oil prices will remain at a high level for the rest of this year. The industries that are highly affected include the construction business, sea and air freight, oil refineries, and real estate businesses. The Russia-Ukraine ...
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[   February  2022 ]
icon Retrospection and Prospection
The current committee of the Thai Rubber Association has been in charge of the operation since 2019. The operation of the committee is based upon the following principles: 1) to operate on the principle of transparency and good governance; 2) to corporate with government agencies and private sector both at local and international level; 3) to cherish close relationships with other rubber producing countries, particularly in Asia; 4) to act as a central ...
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[   January  2022 ]
icon Regional Comprehensive Economic Partnership (RCEP)
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement between ASEAN and the five Asia-Pacific nations of Australia, China, Japan, Korea, and New Zealand. Together, these RCEP participating countries account for about 30% of the world’s gross domestic product (GDP) and 30% of the world’s population (2,252 million people). The RCEP Agreement has 4 significant features, as follows: 1) Modern: to improve the scope of the forme...
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[   December  2021 ]
icon Rubber Scenario in 2022
The global economy in the middle of 2021 has begun to recover in developed countries. Due to the reopening of many cities, the domestic demand accelerated, but at the end of the year 2021, there was an outbreak of the new variant of the COVID-19 called "Omicron" in more than 90 countries around the world, which caused people as well as investors around the world to be worried about the situation again. The Federal Reserve System (FED) has revised the US...
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