Malaysia has contingency plans in place to remain competitive in European markets as it works to avoid being classified as a "standard risk" country under the European Union's new deforestation rules, the commodities ministry said on Tuesday.
US President Donald Trump's doubling of tariffs on goods from India to as much as 50% took effect as scheduled on Wednesday, escalating tensions between the world's two largest democracies and strategic partners.
Malaysia’s global leadership in rubber glove exports during the 13th Malaysia Plan (13MP) period hinges on a sustained emphasis on high-value manufacturing, digitalisation, sustainability and labour market reforms.
Driven by increasing demand in China, the market for unvulcanised rubber is expected to grow at a CAGR of +1.5% in volume and +1.6% in value from 2024 to 2035. This growth trend is projected to bring the market volume to 1.8M tons and market value to $5.8B by the end of 2035.
The Plantation and Commodities Ministry is stepping up engagement with industry players to explore alternative markets following the United States' imposition of tariffs on selected Malaysian rubber products.
Higher US tariffs won’t derail the euro-area economy, which is on the brink of a recovery, European Central Bank President Christine Lagarde said.