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| Rubber News |
Rubber glove exports forecast to hit RM6.4b8 September 2008 THE Malaysian Rubber Glove Manufacturers Association (Margma) has raised its forecast on rubber glove exports to RM6.35 billion this year, thanks to a stronger US dollar and increasing demand of medical gloves at hospitals through-out the world. "We initially forecast five per cent and then six per cent. But with the latest export figures, we're a little bit more optimistic," said Margma president Oon Kim Hung. According to the Statistics Department, Malaysia exported RM3.16 billion worth of rubber gloves from January to June of this year, 11 per cent more than the same six months of last year.  "We
didn't really expect double-digit growth, but since we achieved 11 per cent
in the first half, we're now more hopeful of a moderate eight per cent growth
for the full year," he told Business Times.Last year's RM5.88 billion rubber glove exports were an eight per cent growth compared to 2006's RM5.45 billion. Oon's optimism is also based on the recent movement in the currency exchange. "Since April, the US dollar has been strengthening against many major currencies. Our rubber gloves are sold in US dollars. As the greenback become stronger, we benefit in earning more ringgit when we repatriate profits," he said. Malaysia maintains its lead as the world's biggest glovemaker for the last decade. Last year, the country exported 83.4 billion pieces of rubber gloves which captured two-thirds of the global market. "We also see increasing demand from India, China and Vietnam, due to better health and hygiene awareness," he said. Source: Business Times Online |
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