KUALA LUMPUR: Malaysia's exports of rubber increased 0.16 per cent in the third quarter (Q3) of 2022 to RM6.88 billion from RM6.87 billion recorded in the same period last year.
According to the Malaysian Rubber Council (MRC), the development of non-glove latex products had continued to have a positive effect on the overall rubber products sector.
In comparison to Q3 2021, which had a value of RM1.29 billion, Q3 2022 had a value of RM1.81 billion, representing a 39.4 per cent expansion.
"Products like foam products, latex thread, catheters, condoms and rubber toys are examples of these differences. Rubber toys have seen the biggest growth in Q3, rising by 155 per cent to RM83.6 million from RM32.8 million in the same period in 2021," MRC said.
Following the first half of 2022, foam products have also experienced a significant increase.
This was demonstrated by the fact that it rose from RM108.2 million in Q3 2021 to RM274.3 million in Q3 of this year, a difference of 153.5 per cent.
MRC chief executive officer Nor Hizwan Ahmad said the industry's operational outcomes had been extremely positive.
"This was anticipated by the rise in exports of general and industrial rubber goods to the Philippines, the US, Australia, and Singapore during Q3," he said in a statement today.
"In order to strengthen and maintain this positive trend, we will dig deeper into foam products that are driving the growth in general and industrial rubber goods," Nor Hizwan added.