10:54 | 04/09/2015 Global Economy
Malaysia’s rubber product exports hit 8.46 billion RM (over 2 billion USD) in the first half of this year, up 15.1 percent compared to the same period last year, announced the country’s Ministry of Plantation Industries and Commodities.
Illustrative image (Source: Internet)
In 2014, Malaysia’s export value reached 10.7 billion RM (2.52 billion USD), accounting for 52 percent of the global export market share.
Of the figure, the gloves sub-sector stood out as the most prominent product in terms of its contributions to export earnings.
This year, rubber exports are expected to hit 16 billion RM (3.84 billion USD), surpassing the initial target of 15.17 billion RM (3.64 billion USD) due to strong performance in the first six months of 2015.
To boost exports, the industry will pour over 7 billion RM (1.68 billion USD) into new plants and equipment and to replace existing lines between now and 2020, focusing on enhancing technology and innovation with the aim to raise productivity and efficiency of the industry.
Malaysia is the world’s largest rubber exporter in terms of volume while Thailand is the top in terms of value.
According to Minister Douglas Uggah Embas, rubber manufacturers are making substantial efforts to increase the export of original brand manufactured products with the intent that the country will become the world's largest exporter both in value and volume./.