The rubber situation in 2023 is expected to improve due to the global economy recovering from the COVID-19 epidemic crisis. Particularly, China has relaxed the COVID-19 control measures. It is expected that the Chinese economy tends to improve. The International Monetary Fund (IMF) expects the global economy to expand by 2.9% in 2023 and 3.1% in 2024. However, rising inflation is a factor slowing the economy and prone to a recession in the future. Meanwhile, the prolonged Russia-Ukraine war caused an energy price crisis in Europe, resulting in the cost of living crisis. In addition, global trade uncertainty is likely to be high. It is a result of geopolitical tensions, such as tariffs between the US and China. This may cause the global economy to contract this year (downside risk) and be a factor that pressures rubber prices to continue to decline, causing some smallholders to cut down rubber trees and turn to other occupations. This affects the risk to the world's rubber supply in the future.

Facing the rubber price crisis, it is an opportunity for Thailand to turn the crisis into an opportunity to create sustainability by using science, technology, and innovation to process raw rubber into rubber products for domestic consumption and export. Moreover, to add value and increase the use of rubber in the country, which is a significant policy by the government to create sustainability for the rubber industry. Furthermore, it is an opportunity to expand business with rubber innovation. The Thai Rubber Association (TRA) was Invited by Prince of Songkla University Hat Yai Campus to participate in the marketing promotion program for innovative para rubber products between May - August 2023, organized by the Department of International Trade Promotion (DITP), Ministry of Commerce, in conjunction with the Rubber Innovation Research and Development Institute of Prince of Songkhla University Hat Yai Campus. They had invited the entrepreneurs of medical and health products, engineering and energy products, agricultural and livestock products, environmental products, innovative food products, humanities and social sciences products, and fashion and lifestyle products to promote further development of research results to add commercial value, reduce the burden of investment, and save time in product research and development. In addition, it aims to create new products for the market and a variety of rubber products in Thailand. For those interested, you can apply for participation for free, as detailed below. Information about innovations and experts: https://bit.ly/3lQ5H7M Project details: https://bit.ly/40HYlBV Online application form: http://bit.ly/42fBory   

The Thai Rubber Association (TRA) recognizes the importance of adapting and adjusting new perspectives during the crisis of slumping rubber prices and would like to encourage all sectors related to rubber to further develop products and add value to rubber by processing rubber into new and innovative rubber products for the Thai market and the global market.

Mr. Chaiyos Sincharoenkul

President

The Thai Rubber Association