Bangkok – The Thai cabinet has approved a 20-year plan to cut down rubber plantations across the country by 21%, according to a Reuters report.
Citing government spokeswoman Rachada Dhnadirek, Reuters said 4 Dec that the scheme will aim to increase the value of rubber exports in the country by threefold but did not elaborate further.
The move, according to the official, is to “prop up prices and stabilise farmers' incomes” and includes cutting down plantations from 3.73 million hectares in 2016 to 2.94 million hectares by 2036.
Thailand, according to Reuters, currently exports THB250 billion (€7.5 billion) worth of natural rubber products and aims to increase the figure to THB800 billion a year by 2036.
With 4.8 million tonnes of production, Thailand was the world's top natural rubber producer last year contributing to 40% of global supply, according to the 2018 data released by the Association of Natural Rubber Producers (ANRPC).