Malaysia’s rubber products remain strong in the 3Q21, allowing the industry to continue to prosper and contribute to the nation’s growth.
According to the Malaysia Rubber Council (MRC), overall exports of rubber and rubber products increased by RM63.2 billion (70.7 percent) from RM37 billion in 2020 to RM63.2 billion in October 2021.
MRC Chief Executive Officer Nor Hizwan Ahmad says, “By introducing new channels and ideologies, the council is encouraging industry players to move up the global value chain.
“This also includes collaborations with international development organisations are included (IDOs).
“MRC’s role here is to help companies take advantage of the opportunities provided by the IDOs in terms of sales pipeline development, tender support, and capacity building programmes,” he explained.
The latex goods sector continues to perform well, with revenue of RM51.4 billion, up 86.3 percent from RM27.6 billion in the same period last year. Rubber gloves continue to be the most profitable export item, with nearly RM50 billion in revenue, up nearly 91 percent from the previous year.
Meanwhile, MRC expected the dry rubber products sector will prosper in 2021.
“The tyre industry was improved with the goal of diversifying Malaysia’s high-value export contribution and increasing the export performance of dry rubber products while simultaneously increasing the consumption of locally produced rubber.
“Tyre exports increased by 28.1 percent from January to October 2021, totaling almost RM1.4 billion, compared to the same period last year,” MRC says.