Latest news with #RM33.7
Malaysian Reserve
17-05-2025
- Business
- Malaysian Reserve
Short-term rates seen steady next week following BNM's operations
SHORT-TERM interbank rates are expected to stay stable next week, backed by Bank Negara Malaysia's (BNM) operations to absorb surplus liquidity in the financial system. This week, the central bank intervened daily by conducting reverse repo, Islamic reverse repo, as well as overnight reverse repo tenders to reduce excess funds in the financial system. On a Friday-to-Friday basis, surplus liquidity in the conventional system rose to RM33.7 billion from RM26.4 billion at the end of the preceding week. In the Islamic system, surplus liquidity climbed to RM25.9 billion from RM24.1 billion previously. The Malaysia Islamic Overnight Rate (MYOR-i) stood at 3.00 per cent as of May 15. — BERNAMA
New Straits Times
25-04-2025
- Business
- New Straits Times
Malaysia bolsters regulatory oversight of rubber glove sector
KUALA LUMPUR: The Plantation and Commodities Ministry, through the Malaysian Rubber Board (MRB), has strengthened regulatory oversight of the rubber glove sector in response to evolving global trade dynamics. The ministry said in line with the significant contribution of the rubber glove sector to the national economy, MRB implemented several strategic initiatives to strengthen regulatory oversight of the industry in addressing current global trade issues and challenges. One such initiative involves tightening licensing requirements for the export of rubber gloves under the Malaysian Rubber Board (Licensing and Permit) Regulations 2014. "With immediate effect, all LGM-licensed rubber glove exporting companies are only permitted to export rubber gloves sourced from local manufacturing facilities," it said. The measure is aimed at safeguarding product quality and ensuring the sustainability of Malaysia's rubber glove industry Additionally, it said this serves as a preventive step against the risk of Malaysia becoming a destination for trade diversion from other countries. "This follows global developments that have highlighted increasing uncertainties in the international trade landscape, including shifts in key global market policies that directly impact supply chains and the export market for rubber products. "Such conditions have the potential to lead to a rise in rubber glove imports, which could undermine the competitiveness of the domestic rubber industry," it said. Malaysia, recognised as one of the world's top producers and exporters of rubber and rubber-based products, recorded export values of RM33.7 billion in 2024. Of this, RM15.41 billion, or 45.8 per cent, came from the rubber glove segment alone. Meanwhile, the ministry said MRB is conducting joint operations with other enforcement agencies to enhance monitoring and enforcement within the rubber glove sector, in order to uphold the image and competitiveness of Malaysia's rubber industry. "The ministry and MRB will continue to closely monitor global trade developments and remain ready to implement proactive measures to protect the overall interests of the national rubber industry, including all rubber-based products. "In the near future, the ministry will also review long-term approaches that align with evolving geopolitical and global economic landscapes to ensure the resilience and marketability of Malaysia's rubber industry is sustained," it added.
Barnama
25-04-2025
- Business
- Barnama
Only Locally Produced Rubber Gloves Allowed For Export
REGION - CENTRAL > NEWS PUTRAJAYA, 25 April (Bernama) -- Malaysia has imposed an immediate restriction requiring all rubber glove exporters licensed by the Malaysian Rubber Board (MRB) to only export gloves produced by local manufacturers, the Ministry of Plantation and Commodities (KPK) announced today. In a statement today, the ministry said the move was made to ensure product quality and the sustainability of Malaysia's rubber glove industry, while also preventing the country from becoming a trade diversion destination for products from other nations. 'This step is taken in view of the global developments that reflect increasing uncertainty in the international trade landscape, including changes in policies among major world markets that directly impact the rubber supply chain and export market. bootstrap slideshow 'These circumstances may lead to a rise in rubber glove imports, which could affect the competitiveness of the domestic rubber industry,' the ministry said. KPK noted that Malaysia is among the world's top producers and exporters of rubber and rubber-based products, with exports totalling RM33.7 billion in 2024, of which rubber gloves contributed RM15.41 billion or 45.8 per cent. In view of the ongoing global trade challenges, the MRB has implemented several strategic initiatives to strengthen regulatory oversight of the industry, including tightening export licensing requirements for rubber gloves under the Malaysian Rubber Board (Licensing and Permit) Regulations 2014. Additionally, the MRB is also actively conducting joint operations with other enforcement agencies to enhance monitoring and enforcement in the rubber glove sector, in order to safeguard the image and competitiveness of the national rubber industry. 'KPK and the MRB will continue to closely monitor the global trade developments and are always ready to implement proactive measures to protect the overall interests of Malaysia's rubber industry, including all rubber products,' the ministry said. KPK added that it is also looking into suitable approaches in response to shifts in the global geopolitical and economic landscape to ensure the resilience and marketability of Malaysia's rubber industry.
Free Malaysia Today
24-04-2025
- Business
- Free Malaysia Today
M'sia's timber products still desirable in US despite tariffs, says Johari
Plantation and commodities minister Johari Ghani said his ministry is closely monitoring the issue of some exporters manipulating the certificate of origin for timber products. KUALA LUMPUR : Malaysia's timber exports remain desirable in the US market despite the newly imposed tariffs, says plantation and commodities minister Johari Ghani. He attributed the continued demand to Malaysia's reputation for high-quality timber products and competitive prices. 'Despite the tariff, which is currently at 10%, exports are still strong due to the good quality and design of our products. People are willing to pay the price,' he told reporters after attending the Malaysian Timber Industry Board appreciation ceremony here today. In 2022, Malaysia exported timber and timber products worth RM7.73 billion to the US. This was a steady increase from RM3.76 billion in 2018. On April 2, US president Donald Trump imposed a blanket tariff of 10% on imports and added 'reciprocal tariffs' on countries with large trade surpluses with the US. Malaysia was hit with a 24% tariff – lower than Vietnam (46%), Cambodia (49%) and Indonesia (32%). Trump subsequently paused the implementation of these tariffs for 90 days, except for China which faces a steep levy of 145%. Johari also addressed concerns over companies attempting to manipulate trade routes by changing the certificate of origin of timber products for export. He said his ministry was actively monitoring the issue, and warned that timber exports must contain at least 60% local added value, even if some materials are sourced from abroad. He said only raw timber materials could be imported for processing, with certificates of origin granted only if substantial local value is added. Johari also cautioned that failure to curb such practices could jeopardise the credibility of legitimate Malaysian exporters amid escalating global trade tensions. In February, it was reported that the export value of timber products increased 4.9% to RM22.9 billion last year, compared to 2023. The timber industry was the third-largest export contributor for agricommodity products after palm oil (RM114.4 billion) and rubber (RM33.7 billion).
