(MENAFN) Thai Minister of Agriculture and Cooperatives said the country needs to significantly reduce its rubber plantations to fight the chronic rubber price slumps.
A total of 7.6 million acres of rubber plantations in the country is yet to be reduced by as much as 30 percent in order to control the price slumps, stop oversupplying the world market and prevent further losses to an estimated 1.2 million rubber planters nationwide, the minister said.
Thailand has produced 4.5 million tons of raw rubber blocks and smoked rubber sheets for both export and domestic consumption in a year.
However, the average rubber price has dropped to USD1.21 per kilogram in the local market, compared to an average of USD1.90 per kilogram in the producing cost borne by the rubber planters.
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