KUALA LUMPUR: The Ministry of Plantation Industries and Commodities (MPIC) is optimistic that Malaysia will be able to achieve RM23.6 billion in rubber gloves export revenue this year.
The Malaysian Rubber Glove Manufacturers Association (MARGMA), in its Industry Brief 2022 released today, projected that Malaysia's rubber gloves export revenue is expected to reach RM23.6 billion this year, compared to RM17 billion in 2019, and the year-on-year demand growth rate for rubber gloves is 10 to 12 per cent in 2022.
"This projection is when, under normal circumstances, we did not take into consideration the two years of COVID-19 where the export of rubber gloves soared at that time.
"So, this projection is very conservative and I believe we can do better than that. MARGMA has also identified new countries that we can penetrate into by ensuring that our rubber gloves are still in high demand," said MPIC Minister Datuk Zuraida Kamaruddin.
The minister said this at a press conference after witnessing a memorandum of understanding (MoU) signing ceremony between MARGMA, together with the Malaysian Rubber Council, and 18 major sponsors of the upcoming 10th International Rubber Glove Conference and Exhibition (IRGCE).
The IRGCE will be held at the Kuala Lumpur Convention Centre from September 6 to 8, 2022.
Zuraida also said that the need to use rubber gloves, following a global increase in hygiene culture, will simultaneously increase demand in the rubber gloves market.
"MARGMA has projected that the use of rubber gloves in the post-pandemic era is expected to increase by 10 per cent.
"I am positive and optimistic because the culture of hygiene has been adopted by people all over the world, so the need to use rubber gloves as a way of life shows that we are a clean society and this will increase the demand for rubber gloves in the market," she said.
Meanwhile, MARGMA president Dr Supramaniam Shanmugam said that the industry players are navigating through a challenging time dealing with multiple dynamics with global risks including the prolonged Russia-Ukraine war.
"The association is, nevertheless, confident the industry will see a demand growth of 10 to 12 per cent in 2022.
"As a consequence of increased global healthcare awareness and enhanced regulatory requirements, such demand will grow by 12 to 15 per cent in 2023," he said.
The global demand for gloves is estimated at 399 billion in 2022, and Malaysia is estimated to produce 240 billion gloves in 2022, according to MARGAMA's report.
"The Malaysian rubber gloves players, given their experience and long establishment, will be able to overcome these challenges but in order for Malaysia to maintain its leading trade position as the world's number one exporter of rubber gloves, there is room for improvement in the government's business-friendly policies that can be favourable to manufacturers.
"The Malaysian rubber glove industry will work closely with all stakeholders to strive to be amongst the first industry in the region to have social compliance as the industry's unique selling proposition," he said.
-- BERNAMA
Bernama
Wed Aug 03 2022
Zuraida also said that the need to use rubber gloves, following a global increase in hygiene culture, will simultaneously increase demand in the rubber gloves market. - Astro AWANI/ Shahir Omar
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.