Malaysia's Rubber Council (MRC) has projected that the country's exports of rubber and rubber products could surpass RM30 billion by the end of 2024, bolstered by robust performance in the first half of the year. In 1H2024, exports reached RM15.5 billion, marking a significant increase of 16.3% compared to the same period in 2023. Rubber products made up 70.5% of this total, amounting to RM10.9 billion, while rubber exports contributed RM4.6 billion, reflecting an impressive year-on-year growth of 29.4%.
The rubber products sector comprises latex products, industrial rubber goods, general rubber goods, footwear, tyres, and inner tubes. Rubber gloves emerged as the largest contributor, accounting for 62.5% of total rubber product exports, with RM6.8 billion recorded in 1H2024, up from RM5.8 billion in 1H2023—a growth of 16.7%. Medical gloves alone contributed RM5.0 billion, indicating a 15.7% rise due to persistent global demand, particularly from the healthcare sector.
Tyres, the second most exported rubber product, showed varied performance across markets in 1H2024. Exports to Brazil increased by 22.5%, but overall tyre exports slightly decreased by 1.7%, totalling RM962.8 million.
Apart from gloves, other latex products performed well, with rubber catheters and latex threads seeing exports rise by 15.8% to RM298.1 million and 15.5% to RM282.5 million, respectively. Exports of industrial rubber goods and general rubber goods also demonstrated positive growth, totalling RM933.9 million and RM854.2 million, with increases of 6.7% and 5.1%. Footwear exports recorded a 5.6% rise, contributing RM364.9 million.
The United States remained the largest export market for Malaysian rubber products, accounting for 31.4% of total exports at RM3.43 billion, a notable increase of 23.1% from the same period last year. The demand for rubber gloves in the US significantly contributed to this growth.
Muhammad Eizaaz Muhammad Redzuan, Chief Executive Officer of MRC, stated, "The recent tariff adjustments by the United States on Chinese-made rubber medical and surgical gloves present a significant opportunity for Malaysian glove manufacturers to expand their global footprint. Malaysian glove manufacturers have long been recognised for their high-quality, sustainable products, and this development further enhances their competitive positioning on the global stage. With over 35% of Malaysia's rubber glove exports directed to the US, this policy change will not only bolster our manufacturers' market share but also underscore the resilience and reliability of Malaysia's rubber glove industry."
Other notable export destinations included China (RM593.1 million), Japan (RM586.4 million), Germany (RM581.0 million), and Singapore (RM470.1 million). Germany saw a sharp 25.3% rise in imports of rubber products from Malaysia, driven by increased demand for medical and industrial goods.
MRC has actively promoted Malaysia's rubber industry on the global stage as a co-host of the 11th International Rubber Glove Conference Exhibition 2024 (IRGCE). Muhammad Eizaaz highlighted the significance of branding and marketing medical gloves for the sustainability of the glove industry, sharing insights on MRC's initiatives to elevate the global presence of Malaysia's rubber products.
He stated, "MRC will enhance targeted campaigns, strategic partnerships, and digital outreach, ensuring our high-quality rubber products, especially medical gloves, gain even greater visibility among buyers. These initiatives are not only aimed at attracting new customers but also at reinforcing Malaysia's reputation as a trusted, sustainable, and reliable source for medical rubber products."
Looking ahead, Malaysia is poised to maintain its leadership in the global rubber industry. MRC will continue to strengthen relationships with key stakeholders while supporting the country's transition towards more sustainable manufacturing practices.
