TOP NATURAL RUBBER PRODUCERS TO CURB EXPORTS NEXT MONTH

Asia's top rubber producers have agreed to cut exports of natural rubber, starting next month, the International Rubber Consortium (IRCo) said on Thursday, in a bid to address declining global prices.

The decision was announced following a Wednesday meeting of the International Tripartite Rubber Council (ITRC) - consisting of Thailand, Indonesia and Malaysia - in Thailand's northern capital of Chiang Mai to discuss concerns over falling prices despite a lower supply.

"The 3 ITRC member countries will restrict exports of natural rubber for a specific time frame with the objective of addressing the current declining trend on natural rubber prices," IRCo said in a statement on Thursday.

The statement said the scheme will start next month but did specify the volume of the export cuts.

Thailand, Indonesia, and Malaysia produce nearly 70 percent of the world's natural rubber