MRC Projects Exports Of Rubber, Related Products To Exceed RM30 Bln
The Malaysian Rubber Council (MRC) has projected Malaysia's rubber and rubber products exports could exceed RM30 billion by the end of the year, buoyed by strong performance in the first half of 2024 (1H 2024).
Exports of rubber and rubber products rebounded significantly in 1H 2024 to reach RM15.5 billion, a 16.3% rise versus the same period in 2023.
In a statement, MRC said rubber products accounted for 70.5% of the total, or RM10.9 billion, while rubber exports contributed RM4.6 billion, reflecting substantial year-on-year growth of 29.4%.
The council highlighted that rubber gloves remained the largest contributor, comprising 62.5% of total rubber products exported, to reach RM6.8 billion in 1H 2024 against RM5.8 billion in 1H 2023, a promising 16.7% growth.
Medical gloves contributed RM5.0 billion, reflecting a 15.7% growth driven by continued global demand for high-quality Malaysian gloves, particularly from the healthcare sector.
"As the second most exported rubber product, tyres, predominantly new pneumatic tyres, saw mixed performance across markets in 1H 2024. Exports to Brazil showed a strong 22.5% increase, but overall, tyre exports fell by a slight 1.7%, to total RM962.8 million," it added.
In addition to gloves, the council said latex products such as rubber catheters and latex threads also performed well. Catheter exports rose by 15.8% to RM298.1 million while latex threads saw a 15.5% rise to RM282.5 million in 1H 2024.
"Malaysia's industrial and general rubber goods exports also showed positive growth in 1H 2024, rising 6.7% to RM933.9 million, and 5.1% to RM854.2 million, respectively.
"Footwear exports also recorded a 5.6% increase, contributing RM364.9 million to the total export value," it said.
According to MRC, the United States continued to be the largest market for Malaysian rubber products, accounting for 31.4% of total export of rubber products valued at RM3.43 billion, a significant 23.1% increase from the same period in 2023.
Other key export destinations in 1H 2024 included China, with exports valued at RM593.1 million, Japan (RM586.4 million), Germany (RM581.0 million), and Singapore (RM470.1 million).