The massive floods that hit five southern provinces in Thailand last week may cause damage worth 20 billion THB (580 million USD), according to the Rubber Authority of Thailand (RAT).

A scheme worth 7.6 billion THB (215 million USD) has been approved by the cabinet of Thailand to guarantee rubber prices for 1.6 million farmers registered with the country’s Rubber Authority.

Thailand topped the list of rubber exporting countries in the first half of this year, with shipments of 2.19 million tonnes valued at 70.5 billion THB (2 billion USD), Advisor to Minister of Agriculture and Cooperatives Alongkorn Ponlaboot revealed on August 12.

Thailand will cut rubber exports by 126,240 tonnes next week for four months after a delay to implement a supply cut agreement with other regional producers, the Rubber Authority of Thailand said on May 16.

The Thai Cabinet recently approved an aid package worth 18.6 billion baht (551 million USD) to help the country’s rubber sector currently affected by falling prices.

The Thai government plans to issue bonds to raise 30 billion THB (961.8 million USD) for a project aimed at cutting the country’s rubber oversupply, according to a Thai agricultural official.

Thailand, Indonesia and Malaysia have agreed to cut exports of natural rubber by 615,000 tonnes for six months from March to reduce supplies and increase prices that are trading near six-year lows.