KUALA LUMPUR, May 31 — The Malaysian rubber industry continued its upward trajectory with exports increasing by 169.6 per cent to RM21.84 billion for the first quarter ended March 31, 2021 (Q1), from RM8.1 billion in the corresponding period in 2020.
Malaysian Rubber Council (MRC) chief executive officer Nurul Islam Mohammed Yusoff said the downstream rubber products industry constituted 89.5 per cent or valued at RM19.54 billion of the total exports of the rubber industry.
The sector increased by 213.8 per cent driven by a strong increase in the latex goods sector, he said, adding that the industry needed to move up the global value chain, while rubber companies must explore ways for their products to be associated with a bigger cause or purpose and gain international recognition.
“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 towards the global value chain in ensuring optimising potentials while enhancing the rubber industry to address bottlenecks and governance and reputational challenges,” Nurul Islam said in a statement today.
Meanwhile, MRC said latex goods such as rubber gloves, latex threads, and condoms recorded a total increase of 250.6 per cent amid the Covid-19 pandemic.
In Q1 2021, latex goods accounted for 93.7 per cent of rubber products’ total exports while dry rubber products accounted for the remaining 6.3 per cent.
The gloves subsector, made up mainly of medical gloves, remained the largest export revenue generator for the rubber industry.
The subsector increased nearly four-fold or 265.7 per cent to hit RM17.86 billion in the first three months of 2021.
The dry rubber products sector recorded improved results in 2021, after a decline in Q1 last year due to the Covid-19 pandemic.
The sector bounced back to a record a double-digit growth of 22.1 per cent to reach RM1.22 billion in 2021 from RM1 billion in 2020.
The dry rubber products sector includes tyres, industrial rubber goods, general rubber goods, and footwear.
Tyres, dubbed as the largest exports within the dry rubber products sector, recorded RM431.5 million in Q1 2021, up 24.6 per cent, compared with RM346.2 million in Q1 2020. — Bernama
