Connect with us
Thailand Business Directory

Economics

COVID-19 increased global demand and export for medical gloves in Thailand and Malaysia

COVID-19 pandemic has generated high demand for medical gloves. Malaysia is globally the biggest producer of medical glove with production capacity of 125,000 million pieces per annum.

Avatar

Published

on

As one of Thailand’s leading export products, rubber glove generated approximately USD 1,200 million per annum. COVID-19 global pandemic is Thailand’s golden opportunity for rubber glove export. During the first 4 months of 2020, export value increased to USD 449 million, an increase of 16% from the same period in 2019.

COVID-19 pandemic has generated high demand for medical gloves. Malaysia is globally the biggest producer of medical glove with production capacity of 125,000 million pieces per annum. In 2019, Malaysia’s actual production was 63,000 million pieces, reflecting the advantage in increasing production capability.

Thailand’s production capacity is 25,000 million pieces per annum and in 2019, the actual production was 85% of total production capacity. EIC noted that if these 2 countries were to increase their  medical glove production capability to the fullest, Malaysia would benefit more than Thailand.

Thailand still has indirect benefit from the increasing export of concentrated latex to Malaysia for medical glove production. During the first 4 months of 2020, export of concentrated latex from Thailand to Malaysia was USD 176 million, an increase of 7% from same period in 2019. With the continuation of COVID-19 pandemic, it is most likely that Malaysia’s demand for Thai concentrated latex will continue.

Malaysia produces natural rubber glove, a high value-added product, with imported concentrated latex from Thailand, a mid-stream product with very little added value. It is an economic lost to Thailand due to the insufficient product transformation into value-added products of concentrated latex.

Therefore, government sector must increase the support in R&D of rubber glove production and enhance up-stream operators who produce concentrated latex to operate in down-stream products like rubber glove. In addition, government sector should encourage foreign direct investment to improve efficiency in production technology which will increase rubber glove production capability as a whole and build a stronger value-added economy for Thailand.

Author: Kanyarat Kanjanavisut 

Source link

EIC or Economic Intelligence Center, a unit of Siam Commercial Bank Public Company Limited, is established to provide business executives with valuable insights for effective decision making.

Comments

Economics

IMF inches up Thailand’s GDP forecast from -7.7% to -7.1%

The International Monetary Fund’s (IMF) has revised up Thailand’s economic outlook to a 7.1 percent contraction, from a 7.7 percent decline, due to the government’s measures to support the business sector.

Avatar

Published

on

Photo : Stephen Jaffe/IMF
Photo : Stephen Jaffe/IMF

The International Monetary Fund (IMF) has adjusted Thailand’s GDP growth forecast, from -7.7% to  -7.1% for 2020.

(more…)
Continue Reading

Banking

Bank of Thailand: five big challenges in resolving the economic crisis

According to the Bank of Thailand, financial stability of the country is sound while external stability remains strong, with low and manageable levels of public debt, and a flexible labor market.

Boris Sullivan

Published

on

Mr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand (BOT) revealed in his first meeting with the press, that the public health crisis brought about by COVID-19 has severely impacted global economic activities, including Thailand.

(more…)
Continue Reading

Economics

Thailand approves 30K baht tax deduction to stimulate domestic spending

The campaign offers taxpayers income tax deductions of up to 30,000 baht when purchasing products and services with a value-added tax (VAT) component, but excludes alcoholic beverages, tobacco, lottery tickets, fuel, accommodation and air tickets.

National News Bureau of Thailand

Published

on

Pantip Plaza Electronic display

BANGKOK (NNT) – A meeting of cabinet ministers has approved the Shop Dee Mee Kuen campaign, aimed at stimulating domestic spending, taking effect from October 23rd to December 31st this year.

(more…)
Continue Reading

Cart

Most Viewed

Events Calendar

« October 2020 » loading...
M T W T F S S
28
29
30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1
Wed 28

Vend ASEAN(Bangkok)Vending Machine & Self-service Facilities Expo 2020

October 28 @ 8:00 am - October 30 @ 5:00 pm BMT
Wed 28

Vend ASEAN 2020

October 28 @ 10:00 am - October 30 @ 6:00 pm BMT

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,054 other subscribers

Latest

Trending