‘Rubber companies must explore ways for their products to be associated with a bigger cause or purpose, and ultimately gain international recognition,’ says Nurul Islam. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge)
KUALA LUMPUR (May 31): The Malaysian Rubber Council (MRC) said the Malaysian rubber industry’s exports increased by 169.6% in the first quarter of 2021 (1Q21) to RM21.84 million from RM8.1 million a year earlier.
In a statement today, the MRC noted that the downstream rubber product industry consisted of 89.5% of total exports, which increased 213.8% due to an increase in the latex goods sector.
It said the glove sub-sector remained the largest export for the industry, increasing by 265.7% to reach RM17,863.8 million in 1Q21.
Tyres, the largest export within the dry rubber product sector, noted an increase of 24.6% from RM346.2 million in 1Q20 to RM431.5 million in 1Q21. Total exports of industrial rubber goods products for the automotive, mining and construction sectors improved by 29.2% to RM306.3 million.
Going forward, the MRC estimated that global demand for rubber gloves in volume terms is likely to maintain growth of between 12% and 15% in 2021, driven by higher usage in major Malaysian export markets, such as the US and Europe, as well as emerging markets in the ASEAN region.
Meanwhile, MRC chief executive officer (CEO) Nurul Islam Mohammed Yusoff said current initiatives are geared towards creating value for the Malaysian rubber industry to ensure that it remains resilient, agile, competitive and sustainable.
“The intended outcome is to elevate the industry up towards the global value chain in ensuring optimising potential, while enhancing the rubber industry to address bottlenecks and governance and reputational challenges.
“The rubber industry needs to move up the global value chain. Rubber companies must explore ways for their products to be associated with a bigger cause or purpose, and ultimately gain international recognition,” he said.
