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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     
[   November  2021 ]
icon Thailand-Indonesia-Malaysia Cooperation on Rubber
Recently, Natural Rubber tends to slow down in line with global economic growth. The COVID-19 outbreak severely affects the global economy and rubber demand by affecting supply chains and market disruption. In this regard, the International Tripartite Rubber Council (ITRC) held the 36th Meeting of ITRC on 22-23 November 2021, with Mr. Nakorn Tangavirapat, Governor of Rubber Authority of Thailand (RAOT), as the Chairman, Mr. Datuk Ravi Muthayah as the He...
     [ Read more...]  

[   October  2021 ]
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 of trading and investment, leading to economic growth. Furthermore, it aims to support regional economic development by exploiting their economic advantages due to the similarity in geography,...
     [ Read more...]  

[   September  2021 ]
icon Semiconductor Shortage
The world is currently experiencing a shortage of semiconductors or chips, which slows the production of various products that rely on chips to drive data processing, such as cars, trains, smartphones, other electronic devices, etc. Moreover, it is also a significant part of the automobile industry, which tends to be a big problem for automakers. The semiconductor shortage issue will require car manufacturers to cut millions of vehicle productions and l...
     [ Read more...]  

[   August  2021 ]
icon Rubber and Carbon Border Adjustment Mechanism (CBAM) Measure of the EU
Global temperature change or “Global Warming” is the world important issue that affects climate and ecosystems around the world. It is a threat to human life. Moreover, it also affects economic and social development, especially the agricultural sector both direct and indirect. Global warming is caused by an increase in the atmospheric concentrations of greenhouse gases that leads to climate change. It causes various natural disasters such as floods...
     [ Read more...]  

[   July  2021 ]
icon Getting to Know Synthetic Rubber
Rubber (Hevea brasiliensis) is a species of rubberwood, which is native to rainforests in the Amazon region of Brazil, South America. The important rubber plantation area is in the Malay Peninsula due to the favorable weather and topography, causing the rubber to have been widely cultivated across the area since 1882. Natural rubber serves as an important raw material in rubber products such as tires, rubber gloves, bags, condoms, shoe soles, and automo...
     [ Read more...]  

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