Malaysia's rubber product exports see strong growth

KUALA LUMPUR—Malaysia's rubber products exports have seen a significant jump in the first three quarters of 2021 despite uncertainties brought about by the COVID-19 pandemic.

Exports of rubber and rubber products increased 70.7 percent year-on-year to $8.8 billion over the first nine months of the year, according to a Dec. 22 report by the Malaysian Rubber Council.

As large deployment of vaccination ramped up demand for medical gloves globally, latex goods sector posted a strong 86-percent growth to $12.2 billion, contributing nearly 93 percent of overall rubber products exports.

Rubber gloves maintained "the highest earner" position with export revenue of almost $11.9 billion, an increase of almost 91 percent from the previous year.

Medical gloves made up 40.1 percent of the latex goods sector, with export value reaching $5.3 billion.

The U.S. remained the largest market for Malaysian rubber products with a total value of $4.9 billion, posting an increase of 118.9 percent compared to the first nine months of 2020.

Other key markets also recorded significant increases, including Canada which posted a 126.3-percnt jump. Germany, The Netherlands, Japan and Brazil also saw increases of 99 percent, 93.7 percent, 72 percent and 67.3 percent, respectively.

Furthermore, dry rubber products sector saw positive growth as the tire industry picked up. Over the first nine months of 2021, tire exports grew 28.1 percent year-on-year to $334 million.

The U.S. remained the leading importer of tires, posting an increase of 45.5 percent to $143 million in imports.