Beijing, China – Malaysia rubber product exports will reach €5.4 billion (26 billion ringgit) in 2020, 11.4% higher than last year, Malaysian Rubber Board (MRB) figures show.
Growth is being driven by the country’s glove industry, which is set to increase exports by 15% in 2020 to €4.2 billion, said MRB director general Zairossani Mohd Nor.
However, exports by the ‘dry rubber’ sector will decline by 10% this year, Zairossani added in a presentation to a Chinese online conference in May.
The country’s natural rubber exports will slump 10% to €1 billion due to low rubber price and stagnant global demand, the board leader also forecast.
Zairossani went on to point out that Malaysia had turned from a natural rubber producing country to a consuming country.
In 2019, Malaysian consumption stood at 974,000 tonnes, compared with 640,000 tonnes production.
Annual production this year is forecast to dip 14% to 550,000 tonnes.
The country’s planted area last year arrived at 1 million hectares for smallholding and 73,000 hectares for rubber estates, representing respectively 1.3% and 5.2% annual drop rate since 1990.