KUALA LUMPUR – The Malaysian rubber industry’s upward trajectory continues, with exports increasing by 169.6% to RM21.84 billion in the first quarter (Q1) ended March 31 from the RM8.1 billion logged in the same period a year ago.
Malaysian Rubber Council (MRC) chief executive Nurul Islam Mohammed Yusoff, in a statement today, said the downstream rubber products industry constituted 89.5%, or a value of RM19.54 billion, of the sector’s total exports.
The industry registered a 213.8% increase, driven by a surge in latex goods, he said, adding that it needs to move up the global value chain, and rubber companies must find ways to have their products associated with a bigger cause or purpose, and gain international recognition.
“The current initiatives are geared towards creating value for Malaysia’s rubber industry, to ensure it remains resilient, agile, competitive and sustainable.
“The intended outcome is to elevate the industry in the global value chain by optimising potentials, while addressing bottlenecks and governance and reputational challenges.”
MRC said latex goods, such as gloves, threads and condoms, recorded an increase of 250.6% amid the Covid-19 pandemic.
In Q1, such items accounted for 93.7% of total rubber product exports, with dry rubber products accounting for the remaining 6.3%.
The gloves sub-sector, comprising mainly medical gloves, remains the largest export revenue generator for the industry.
The sub-sector increased nearly fourfold, or 265.7%, to hit RM17.86 billion in the first three months of the year.
Dry rubber products, including tyres, footwear and industrial goods, saw improved results after a decline in Q1 2020.
It bounced back to a double-digit growth of 22.1% to reach RM1.22 billion, up from RM1 billion a year ago.
Tyres, which are the largest exports within the said sector, recorded RM431.5 million in Q1, a jump of 24.6% from the RM346.2 million logged in the same period last year. – Bernama, May 31, 2021
