ID :
66856
Sat, 06/20/2009 - 20:43
Auther :
Shortlink :
https://oananews.org//node/66856
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CALL FOR PLASTIC INDUSTRY TO TAKE ADVANTAGE OF REGIONAL FTAs
KUALA LUMPUR, June 20 (Bernama) -- The plastic industry should take
advantage of Asean's free trade agreements with dialogue partners whereby a
total of 89 tariff lines for plastic products came down to zero percent.
Such efforts could provide increased market access for manufactured goods,
including plastic products, said Deputy International Trade and Industry
Minister Jacob Dungau Sagan.
Duties on another 251 tariff lines under the normal track will also be
eliminated by 2010, he was quoted as saying by the Malaysian Plastics
Manufacturers Association (MPMA) at its 42nd anniversary dinner here Saturday.
MPMA president Lim Kok Boon, in his address, said the plastic industry
recorded a total turnover of RM16.24 billion (US$1=RM3.58) last year, an
increase of 5.2 percent compared to RM15.44 billion in 2007.
"In particular, exports increased by 11.6 percent, from RM8.33 billion in
2007 to RM9.30 billion in 2008. This is significant as it demonstrates the
resilience and competitiveness of the industry in the global market despite the
difficult economic conditions," he said a statement.
Lim said the Malaysian plastic industry in the first quarter of 2009 had
felt the full impact of the global recession which has affected all sectors of
the global economy.
"Total sales value of plastic finished products for the first quarter of
2009 amounted to RM3.17 billion, representing a decrease of 20 percent from
RM3.96 billion in 2008," he said.
The lower total sales value was partly attributed to lower input costs as
the price of plastic resins, which is a major portion of total cost, dropped
significantly during this period.
Export of plastic products suffered a 25.6 percent decline during the first
quarter from RM2.16 billion to RM1.61 billion, Lim said.
Exports, however, remained strong as it accounted for 51 percent of the
total plastic products manufactured, he said.
Lim said plastic manufacturers who have been "squeezed" by a combination of
high prices of resins which was compounded by tight supplies between mid-2004 to
the third quarter of 2008, could now look forward to a more stable supply of
resins with new capacities coming onstream globally.
"This should augur well for plastic manufacturers. Our members should
therefore be well placed to take advantage of export opportunities," he said.
"Members must continue to remain competitive in the global market and take
advantage of the improving raw material situation to expand manufacturing
activities and by further tapping the overseas markets," he added.
-- BERNAMA
advantage of Asean's free trade agreements with dialogue partners whereby a
total of 89 tariff lines for plastic products came down to zero percent.
Such efforts could provide increased market access for manufactured goods,
including plastic products, said Deputy International Trade and Industry
Minister Jacob Dungau Sagan.
Duties on another 251 tariff lines under the normal track will also be
eliminated by 2010, he was quoted as saying by the Malaysian Plastics
Manufacturers Association (MPMA) at its 42nd anniversary dinner here Saturday.
MPMA president Lim Kok Boon, in his address, said the plastic industry
recorded a total turnover of RM16.24 billion (US$1=RM3.58) last year, an
increase of 5.2 percent compared to RM15.44 billion in 2007.
"In particular, exports increased by 11.6 percent, from RM8.33 billion in
2007 to RM9.30 billion in 2008. This is significant as it demonstrates the
resilience and competitiveness of the industry in the global market despite the
difficult economic conditions," he said a statement.
Lim said the Malaysian plastic industry in the first quarter of 2009 had
felt the full impact of the global recession which has affected all sectors of
the global economy.
"Total sales value of plastic finished products for the first quarter of
2009 amounted to RM3.17 billion, representing a decrease of 20 percent from
RM3.96 billion in 2008," he said.
The lower total sales value was partly attributed to lower input costs as
the price of plastic resins, which is a major portion of total cost, dropped
significantly during this period.
Export of plastic products suffered a 25.6 percent decline during the first
quarter from RM2.16 billion to RM1.61 billion, Lim said.
Exports, however, remained strong as it accounted for 51 percent of the
total plastic products manufactured, he said.
Lim said plastic manufacturers who have been "squeezed" by a combination of
high prices of resins which was compounded by tight supplies between mid-2004 to
the third quarter of 2008, could now look forward to a more stable supply of
resins with new capacities coming onstream globally.
"This should augur well for plastic manufacturers. Our members should
therefore be well placed to take advantage of export opportunities," he said.
"Members must continue to remain competitive in the global market and take
advantage of the improving raw material situation to expand manufacturing
activities and by further tapping the overseas markets," he added.
-- BERNAMA
