Hartalega expects Malaysian glove makers to gain US market share
Malaysia is negotiating with the US to bring its tariffs on the nation down to zero
[KUALA LUMPUR] Despite the threat of high US tariffs, glove maker Hartalega Holdings said Malaysian makers of the latex products are primed to gain further American market share as Chinese competitors face geopolitical headwinds.
Escalating tensions between the US and China are creating an opening for Malaysian glove makers to gain ground in America, Hartalega said in its Tuesday (May 6) earnings statement. The fallout 'is likely to provide positive catalyst' for the country's glove makers such as Hartalega, the company said.
Malaysia is negotiating with the US to bring its tariffs on the nation down to zero, from the 24 per cent that US President Donald Trump pledged to impose. Chinese exporters to the US are grappling with Trump tariffs of 145 per cent.
Malaysia's share of the US glove market surged to around 60 per cent in early 2025 from about 46 per cent in 2024, according to a late April report from Citigroup China's US glove market share dropped to around 5 per cent from 21 per cent in the same period. Chinese companies had made 'significant inroads' in the US medical exam gloves market as a result of the pandemic, it said.
Nonetheless, the US market 'will be challenging in the short to medium term' due to tariffs and competition that will put pressure on prices, particularly amid softer demand in the US during the first half of 2025 following 'earlier front-loading activities,' Hartalega said.
'Global demand has recovered beyond pre-pandemic levels in 2024, and the group anticipates continued healthy growth over the longer term,' the company said.
Hartalega's fourth-quarter net income dipped 2.8 per cent to RM14.5 million (S$4.4 million), weighed down by higher operating expenses according to the Tuesday filing. The company said it will 'continue driving automation and digital transformation initiatives to enhance productivity and cost efficiency across all facilities.' BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
22 minutes ago
- Straits Times
Tesla expected to launch long-discussed robotaxi service
The long-awaited launch follows the dramatic meltdown earlier this month in relations between Mr Musk and Mr Trump, which saw a cascade of bitter attacks from both men. PHOTO: REUTERS NEW YORK - Tesla is expected to begin offering robotaxi service on June 22 in Austin, an initial step that Mr Elon Musk's backers believe could lead to the company's next growth wave. The launch – which comes as Mr Musk refocuses on his business ventures following a controversial stint in Mr Donald Trump's administration – will employ the Model Y sport utility vehicle rather than Tesla's much-touted Cybercab, which is still under development. The long-awaited launch follows the dramatic meltdown earlier this month in relations between Mr Musk and Mr Trump, which saw a cascade of bitter attacks from both men. Since then, Mr Musk has publicly expressed regret for some of his statements, while his company's Texas operation has readied the Austin push – part of a major drive on autonomous technology and artificial intelligence that Tesla bulls believe will yield huge profits. This group includes Wedbush analyst Daniel Ives, who said autonomous technology could be a catalyst for potentially US$1 trillion (S$1.29 trillion) in additional market value or more. 'There are countless skeptics of the Tesla robotaxi vision with many bears thinking this day would never come,' said Mr Ives, who predicted that Trump's administration would clear roadblocks for Tesla and pivot from the recent 'soap opera'. 'The golden era of autonomous for Tesla officially kicks off on Sunday in Austin,' Mr Ives said in a note on June 20 . Business-friendly Texas But the unveiling in the Texas state capital comes amid questions about how Tesla will try to overcome criticism of Mr Musk's activities for Mr Trump. Tesla saw profits plunge 71 per cent in the first quarter following poor sales in several markets. In picking Austin for the debut of the autonomous vehicle (AV) service, Mr Musk is opting for a US state known for its company-friendly approach to regulation. 'Texas law allows for AV testing and operations on Texas roadways as long as they meet the same safety and insurance requirements as every other vehicle on the road,' the Texas Department of Transportation told AFP. An Austin website listed six autonomous vehicle companies at various stages of operation: ADMT (Volkswagen), AVRide, Tesla, Zoox (Amazon), Motional (Hyundai) and Waymo (Alphabet/Google). But the Texas legislature this year enacted a new bill that requires prior authorisation from the state's Department of Motor Vehicles before companies can operate on a public street without human drivers, a group of seven Democratic lawmakers said in a June 18 letter to Tesla. Citing the enhanced system, the lawmakers asked Tesla to delay testing until after the law takes effect September 1. If Tesla proceeds with the launch this weekend, 'we request that you respond to this letter with detailed information demonstrating that Tesla will be compliant with the new law,' the letter said. Starting slow Mr Musk had initially planned the launch for June 12, before pushing back, saying he was being 'super paranoid' about safety. 'We want to deliberately take it slow,' Mr Musk said in a May 20 interview on CNBC, telling the network that Tesla would probably only operate 10 autonomous vehicles the first week. But that number will rise to perhaps 1,000 'within a few months', Mr Musk told CNBC. 'And then we will expand to other cities.... San Francisco, Los Angeles, San Antonio.' The service will be offered from 6am until midnight and will be available to 'early access' users on an invitation-only basis in a geo-fenced area, Tesla owner Sawyer Merritt said on June 20 on Mr Musk's X platform, adding that Tesla had given him permission to release the information. Mr Musk last fall unveiled the Cybercab, which has no steering wheel or pedals. But production is not expected to begin on the vehicle until 2026. Tesla's robotaxi launch comes well after Waymo's offering of commercial robotaxi service, with more US cities gradually added. The US National Highway Traffic Safety Administration (NHTSA) in October 2024 opened a probe into Tesla's Full Self-Driving software after receiving four reports of crashes. The NHTSA on May 8 asked Tesla for additional information on its technology in light of the Austin launch. But the NHTSA does not 'pre-approve' new technologies, the agency told AFP. 'Rather, manufacturers certify that each vehicle meets NHTSA's rigorous safety standards, and the agency investigates incidents involving potential safety defects,' the NHTSA said. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
AsiaOne
2 hours ago
- AsiaOne
Lawrence Wong heads to China for first official visit as PM, Singapore News
BEIJING — Prime Minister Lawrence Wong will make a five-day official visit from June 22 to China, where he will seek to chart the strategic direction of bilateral ties with Chinese leaders. This will be his first trip to China since taking office in May 2024. In Beijing, he is scheduled to meet the country's top three leaders — President Xi Jinping, Premier Li Qiang and National People's Congress chairman Zhao Leji. The trip will allow both sides to reaffirm their commitment to strengthening ties and is 'an opportunity for leaders to discuss bilateral issues as well as regional and global developments', the Prime Minister's Office said on June 22. The visit comes as Singapore and China mark the 35th anniversary of diplomatic relations. In 2023, they upgraded ties to an 'All Round High Quality Future Oriented Partnership'. PM Wong will also travel to Tianjin – a port city about 1.5 hours south-east of Beijing by car — to attend an event commonly known as Summer Davos. He will take part in a dialogue with World Economic Forum (WEF) president Borge Brende. The official name for Summer Davos is the WEF Annual Meeting of the New Champions. Although this is PM Wong's introductory visit to China in his new capacity as head of Singapore's fourth-generation leadership, he is returning to familiar ground. Since entering politics in 2011, he has visited China almost every year except during the Covid-19 pandemic. His previous China-related roles included co-chairing the Singapore-Sichuan Trade and Investment Committee and overseeing the Tianjin Eco-City when he was Minister for National Development. He last visited China in December 2023, when as Deputy Prime Minister he co-chaired the Joint Council for Bilateral Cooperation with Vice-Premier Ding Xuexiang. Following his appointment as Prime Minister in 2024, DPM Gan Kim Yong took over that role. Singapore has prioritised keeping ties with China warm through regular high-level engagements. Senior Minister Lee Hsien Loong visited China in November 2024 and met President Xi. Economic links between the two countries remain strong and mutually beneficial. China has been Singapore's largest goods trading partner for over a decade, accounting for about 13 per cent of the Republic's global goods trade in 2024. Singapore is China's largest foreign investor. For this trip to China, PM Wong will be joined by a new member of his Cabinet — Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow — who entered politics in the May 2025 General Election. Another new face is Dr Syed Harun Alhabsyi, a former Nominated Member of Parliament who contested the 2025 GE as a People's Action Party candidate. He was appointed in May as Senior Parliamentary Secretary in the Ministry of Education and the Ministry of National Development, and will be sworn in later in 2025. Other members of PM Wong's delegation include Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu, and Senior Minister of State for Foreign Affairs and Home Affairs Sim Ann. After the official visit, PM Wong will be on leave on June 27, his office said. While he is away, DPM Gan, who is also Minister for Trade and Industry, will serve as Acting Prime Minister from June 22 to 25. Coordinating Minister for National Security and Minister for Home Affairs K. Shanmugam will take over from June 26 to 27. ALSO READ: French President Macron and PM Wong sample local fare at Lau Pa Sat; sign deals on defence, AI at summit This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
2 hours ago
- Straits Times
Lawrence Wong heads to China for first official visit as PM
This will be Prime Minister Lawrence Wong'sfirst trip to China since taking office in May 2024. ST PHOTO: MARK CHEONG Lawrence Wong heads to China for first official visit as PM BEIJING – Prime Minister Lawrence Wong will make a five-day official visit to China from June 22, where he will seek to chart the strategic direction of bilateral ties with Chinese leaders. This will be his first trip to China since taking office in May 2024. In Beijing, he is scheduled to meet the country's top three leaders — President Xi Jinping, Premier Li Qiang and National People's Congress chairman Zhao Leji. The trip will allow both sides to reaffirm their commitment to strengthening ties and is 'an opportunity for leaders to discuss bilateral issues as well as regional and global developments', the Prime Minister's Office said on June 22. The visit comes as Singapore and China mark the 35th anniversary of diplomatic relations. In 2023, they upgraded ties to an 'All Round High Quality Future Oriented Partnership'. PM Wong will also travel to Tianjin – a port city about 1.5 hours south-east of Beijing by car – to attend an event commonly known as 'Summer Davos'. He will take part in a dialogue with World Economic Forum (WEF) president Børge Brende. The official name for 'Summer Davos' is the WEF Annual Meeting of the New Champions. Although this is PM Wong's introductory visit to China in his new capacity as head of Singapore's fourth-generation leadership, he is returning to familiar ground. Since entering politics in 2011, he has visited China almost every year except during the Covid-19 pandemic. His previous China-related roles included co-chairing the Singapore-Sichuan Trade and Investment Committee and overseeing the Tianjin Eco-City when he was Minister for National Development. He last visited China in December 2023, when as Deputy Prime Minister he co-chaired the Joint Council for Bilateral Cooperation with Vice-Premier Ding Xuexiang. Following his appointment as Prime Minister in 2024, DPM Gan Kim Yong took over that role. Singapore has prioritised keeping ties with China warm through regular high-level engagements . Senior Minister Lee Hsien Loong visited China in November 2024 and met President Xi. Economic links between the two countries remain strong and mutually beneficial. China has been Singapore's largest goods trading partner for over a decade, accounting for about 13 per cent of the Republic's global goods trade in 2024. Singapore is China's largest foreign investor. For this trip to China, PM Wong will be joined by a new member of his Cabinet – Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow – who entered politics in the May 2025 General Election. Another new face is Dr Syed Harun Alhabsyi, a former Nominated Member of Parliament who contested the 2025 GE as a People's Action Party candidate. He was appointed in May as Senior Parliamentary Secretary in the Ministry of Education and the Ministry of National Development, and will be sworn in later in 2025. Other members of PM Wong's delegation include Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu, and Senior Minister of State for Foreign Affairs and Home Affairs Sim Ann. After the official visit, PM Wong will be on leave on June 27, his office said. While he is away, DPM Gan, who is also Minister for Trade and Industry, will serve as Acting Prime Minister from June 22 to 25. Coordinating Minister for National Security and Minister for Home Affairs K. Shanmugam will take over from June 26 to 27. Join ST's WhatsApp Channel and get the latest news and must-reads.
