Rubber Authority keen to increase rubber demand by 10% a year

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BANGKOK – The Rubber Authority of Thailand is hoping to raise domestic consumption of rubber products by 10% per year.

Chairing the opening of the “RAOT on The Move” event, Gen Chatchalerm Chalermsuk, the president of the Rubber Authority of Thailand, said the rubber industry had been hard hit by the price slump during the past month, but was optimistic that rubber prices will rebound in the next 30-60 days according to the market mechanism.

To assist rubber farmers, the Rubber Authority has sought cooperation from five major traders to set up a 1.2-billion-baht fund which will be used to purchase rubber and latex from the producers, starting next week.

According to Gen Chatchalerm, the Rubber Authority will develop sales innovations to create value added rubber products in the hope of increasing domestic demand for rubber by 10% on a yearly basis.