Malaysia unveils $4.9 billion in new aid for economic recovery
17 Mar 2021 Shoppers at a supermarket in Petaling Jaya, Malaysia. Reuters Malaysia’s Prime Minister Muhyiddin Yassin unveiled a fresh round of stimulus on Wednesday, in the hope of breathing life into a pandemic-hit economy that last year saw its worst contraction since the Asian Financial Crisis.
Malaysia’s economy declined 5.6% in 2020, its worst performance since a 7.4% fall in 1998, owing partly to strict movement restrictions aimed at halting the COVID-19 spread.
Muhyiddin said the government would roll out 20 billion ringgit ($4.9 billion) of stimulus packages, including an 11 billion ringgit fiscal injection.
“At this stage, the economic recovery strategy will focus on efforts to revitalise and jumpstart the economy,” Muhyiddin said in a televised address.
Margma expects rubber glove exports to bring in revenue of RM38 billion this year 16 Mar 2021 / 09:30 H.
PETALING JAYA: The Malaysian Rubber Glove Manufacturers Association (Margma) has projected rubber glove export revenue to come in at RM38 billion in 2021 amid the rollout of the Covid-19 vaccine, up 7.8% from RM35.26 billion in 2020, driven by enhanced awareness and cautiousness in the new normal that will sustain the current elevated demand.
This is a remarkably slower pace compared with the 103% year-on-year jump last year, which skyrocketed from RM17.35 billion in 2019 due to the outbreak of the pandemic.
Margma president Dr Supramaniam Shanmugam
(pix) said the estimated oversold quantity in Malaysia as at January 2021 is 160 billion gloves, equivalent to seven (6.86) months of production capacity, an improvement from 10-12 months in first-quarter 2020 (Q1’20) and Q2’20 at the height of the pandemic.
Malaysia's export revenue is expected to grow at a slower pace of 8% to RM38 billion in 2021, compared with a 103% growth last year, said the Malaysian Rubber Glove Manufacturers Association (MARGMA), taking into account shorter lead time and lower average selling prices (ASPs).
Kuala Lumpur: Malaysia, the world’s biggest rubber gloves manufacturer, is racing to increase production to close a supply gap caused by the coronavirus pandemic that it warns could last until into 2023.
The Malaysian Rubber Glove Manufacturers Association (Margma) said on Monday the country was in an oversold position of 160 billion gloves.
“The lead time currently is about seven months for the gloves to be delivered to the end customer,” Margma President Supramaniam Shanmugam said, adding that demand would remain robust until the second quarter of 2022.
Even with global production expected to ramp up to 420 billion this year from 380 billion last year and annual growth of 10-15%, Supramaniam said excess demand could run into 2023.