PETALING JAYA (Feb 14): Malaysia’s overall exports of rubber and rubber products are expected to increase by 97% in 2022 to RM140 billion from RM71 billion in the previous year.
Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin (pictured) said there is a vast potential for the industry to grow in terms of value addition, employment generation, technological advancement, quality enhancement, export value, among other benefits.
“One of the main reasons for the remarkable growth of [the] Malaysian rubber industry has been the complementary growth of various parts of the value chain, especially the producing and consuming sectors.
"Our import value is only 10%, the rest is export. I see the potential for the rubber industry to double the export value to RM140 billion from RM71 billion in 2021. That is also the rubber industry's targeted forecast," Zuraida said at the International Rubber Industry Convention and Expo Malaysia (IRICE 2022) here on Monday (Feb 14).
The country’s overall exports of rubber and rubber products increased by 44.3% or about RM71 billion in 2021 against RM49.2 billion in 2020.
“To diversify Malaysia’s export contribution of high-value goods and improve the export performance of dry rubber products as well as boosting the consumption of locally produced rubber, we have seen an encouraging performance of the tyre industry. The export of tyres increased by 30.5% to RM1.7 billion in 2021 compared to RM1.3 billion in 2020,” the minister noted.
Zuraida also added that the country must ensure that the rubber industry adheres to the highest standards of corporate governance and ethics, supports environmentally friendly business practices, and positions Malaysia as a competitive agricultural commodity player on the international stage.