23.4 C
Thursday, December 2, 2021

Surge in demand for gloves to lift value of rubber product exports to RM74 billion this year

GEORGE TOWN: The value of Malaysia’s rubber product exports is estimated to enhance by 80% to attain RM74 billion this year from RM41 billion final year, attributed to a spike in shipments of rubber gloves.

Rubber gloves are doubtless represent over 90% of the nation’s complete export of rubber merchandise, stated a Malaysian Rubber Board spokesperson.

“The enhancing world financial actions have scaled up the outlook for pure rubber (NR) demand. Global consumption of NR is anticipated to enhance 6.7% to 13.7 million tonnes in 2021 following the 7.8% fall in 2020.

“The consumption in main markets like China and the United States has proven a constructive enhance due to resumption of enterprise operations following the vaccines rollout to fight the Covid-19 pandemic,” he informed eNM in an e-mail interview.

However, he stated the resurgence of Covid-19 instances in Malaysia, which led to motion restrictions and lockdown, minimisation of workforce and different management measures imposed by the federal government, would trigger disruptions in the NR provide chain.

Meanwhile, he stated Malaysia’s NR exports are anticipated to rise by about 5% to RM6.5 billion in contrast with RM6.2 billion in 2020, primarily supported by good rubber costs in 2021 over 2020.

He added that rubber manufacturing this year is projected to enhance to 530,000 tonnes from 514,700 tonnes in 2020, which was the bottom in a decade.

Related Articles

Stay Connected

- Advertisement -


To be updated with all the latest news, offers and special announcements.

Latest Articles