BANGKOK, Sept 13 (TNA) — Thailand is the world’s biggest rubber exporter thanks to its free trade agreements with many countries, according to the Department of Trade Negotiations.
Auramon Supthaweethum, director-general of the department, said that in 2018 Thailand exported natural rubber worth US$4.6 billion which accounted for 1.82% of total Thai exports. China was the biggest market importing Thai rubber worth US$1.96 billiont, forming 43% of total Thai rubber export value. Other major markets were Southeast Asian nations, the United States, Japan and South Korea.
Ms Auramon said the rubber export championship resulted partly from Thailand’s 13 free trade agreements with 18 countries. Nine Southeast Asian nations, Japan, South Korea, Australia, New Zealand, Chile, Peru and Hong Kong lifted their tariffs on all Thai rubber products. China and India maintain their tariffs. India sets its tariffs at 70% on latex and 20% on smoked rubber sheets. China imposes a 20% tariff on Thai rubber products.
Thailand sealed its first free trade agreement with Southeast Asian nations in 1993 and its rubber exports has increased by 302% since, Ms Auramon said.
The trade war between the US and China resulted in the lower exports of Thai rubber used as raw materials in industries including the automotive industry. However, Mrs Auramon said free trade agreements with Hong Kong and Australia boosted Thai rubber exports to Hong Kong by 57% and to Australia by 22% in the first seven months of this year, she said. (TNA)
