BANGKOK, March 6 (Reuters) - The world’s top producers of natural rubber will curb exports by 240,000 tonnes for four months from April, they said on Wednesday, in a bid to prop up global prices for the commodity.
The limit was first announced in late February, following a meeting of the International Tripartite Rubber Council (ITRC), which comprises Thailand, Indonesia, and Malaysia. However, the exact volume, start date and timeframe were not announced at that time.
Formally known as the Agreed Export Tonnage Scheme (AETS), the export cuts will start in April and last for four months, the group said in a joint statement after a follow-up meeting in Bangkok this week to finalise details.
The three countries account for around 70 percent of the world’s natural rubber production. (Reporting by Patpicha Tanakasempipat; Editing by Joseph Radford)