Study outlines improvements to rubber sector over next 5 years
An analysis of the Thai-Malaysian supply chain for para rubber has been undertaken, to better plot the product's sales over the next five years, with suggestions made to utilize more Big Data and for a fund to be established to boost foreign sales.
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Director of the Foreign Trade Studies Center of the University of the Thai Chamber of Commerce, Aat Pisanwanich disclosed that a study into the supply chain of para rubber between Thailand and Malaysia found the sector is still a crucial part of the Thai economy that employs over 6 million land owners and over 200,000 laborers.
Over 26 million rai of land was devoted to para rubber growing in 2017 with 19.2 million rai tapped to produce 4.5 million tons of rubber, which was the tenth top export of the country at a value exceeding 200 billion baht.
Rubber products were Thailand’s fourth top export in 2017 with sales valued at more than 340 billion baht.
Demand has remained high and analysts have noted there is still room for growth of rubber exports.
The study outlined 14 points in need of improvement over the next five years to ensure Thai rubber continues growth as an export.
The suggestions include restructuring Thai rubber agencies for more unified work, closer cooperation between producers, the use of Big Data and the establishment of a fund to empower cooperatives to develop foreign trade.