JUST IN - Malaysia's rubber glove exports to hit new record high this year, says Plantation Ministry
KUALA LUMPUR (Nov 5): Malaysia's rubber glove export is expected to climb 16% to a new record of RM13.7 billion in 2024, following the historic high of RM11.8 billion achieved in 2023, said Deputy Plantation and Commodities Minister Datuk Chan Foong Hin.
Rubber glove exports constituted 42.8% of the total rubber industry's exports of RM27.8 billion in 2023, Chan said.
"Of the total rubber glove exports in 2023, approximately 35% are sent to the US," Chan told the lower house of Parliament during the oral answer session on Tuesday.
Chan also expressed optimism that Malaysia's rubber glove industry will regain market share in the US following the imposition of higher tariffs on Chinese imports.
The higher tariffs, announced in September 2024 by the US Trade Representative, will see import duties on Chinese-made medical gloves jump to 50% in 2025 and further to 100% by 2026, a significant increase from the current 7.5% tariff.
Malaysia's rubber glove market share in the US stands at 44% currently, down from the average 55% recorded from 2020 to 2023.
"We view the US's move positively, as it will raise Chinese glove prices and make Malaysian gloves more competitive," Chan said.
Meanwhile, the government, through the Malaysian Rubber Council (MRC), will intensify efforts to promote rubber gloves at major US trade shows, such as the Florida International Medical Expo and the International Restaurant & Food Service Show in New York, he said.
The MRC will also promote natural rubber gloves and provide grants under the Automation and Green Technology Fund to help modernise glove production, he added.
Rubber glove exports constituted 42.8% of the total rubber industry's exports of RM27.8 billion in 2023, Chan said.
"Of the total rubber glove exports in 2023, approximately 35% are sent to the US," Chan told the lower house of Parliament during the oral answer session on Tuesday.
Chan also expressed optimism that Malaysia's rubber glove industry will regain market share in the US following the imposition of higher tariffs on Chinese imports.
The higher tariffs, announced in September 2024 by the US Trade Representative, will see import duties on Chinese-made medical gloves jump to 50% in 2025 and further to 100% by 2026, a significant increase from the current 7.5% tariff.
Malaysia's rubber glove market share in the US stands at 44% currently, down from the average 55% recorded from 2020 to 2023.
"We view the US's move positively, as it will raise Chinese glove prices and make Malaysian gloves more competitive," Chan said.
Meanwhile, the government, through the Malaysian Rubber Council (MRC), will intensify efforts to promote rubber gloves at major US trade shows, such as the Florida International Medical Expo and the International Restaurant & Food Service Show in New York, he said.
The MRC will also promote natural rubber gloves and provide grants under the Automation and Green Technology Fund to help modernise glove production, he added.
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