The Rubber Authority of Thailand (RAOT) has announced the success of auctioning EU Deforestation Regulation (EUDR) compliant rubber via the Thai Rubber Trade (TRT) system. As a result, the price of rubber sheets soared to 96.66 baht per kilogram, marking the highest in 12 years.

The RAOT noted that high demand for EUDR-compliant rubber has driven rubber sheet prices to a 12-year high and has encouraged farmers to adopt sustainable and eco-friendly farming practices to comply with the EU’s EUDR and international standards.

The export of Thai rubber under the EUDR, effective from June 29th, 2023, covers seven product groups. The regulation, which promotes environmentally conscious agriculture, will be fully enforced from December 30th this year.

The RAOT noted that high demand for EUDR-compliant rubber has driven rubber sheet prices to a 12-year high. The RAOT has encouraged farmers to adopt sustainable and eco-friendly farming practices to comply with the EU’s EUDR and international standards. The TRT system enhances data collection and traceability of rubber origins.

The RAOT has also implemented blockchain technology in transactions to increase transparency and accuracy. Private sector buyers will process the rubber into products for the global market. The RAOT has systematically prepared for the EUDR regulations by maintaining detailed farmer registration records.

The auction will be held every Thursday, with regular rubber sheet prices at 85 baht per kilogram. Interested farmers are urged to register with the RAOT.

This project allows for the identification and differentiation of rubber plantations, ensuring 100% traceability of rubber products to specific member plantations. This enhances the credibility and transparency of Thai rubber transactions in the global market. (NNT)

Source : Global Rubber Market News