Recent Tire Price Hike Threatened by Weak MYR [2024-04-30]

The Malaysian Ringgit MYR remains weak, causing a continuous rise in domestic prices, and next in line for the hike might be rubber product - tires!

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Although tire prices were announced to increase earlier this year, according to Zheng Dao, the President of the Malaysian Tire Dealers Association, tire manufacturers and importers may initiate another round of price hikes due to the ongoing weakness of the Ringgit.

He bluntly stated that only a gradual recovery of the Malaysian currency could potentially address the current upward trend in prices.

In addition to the Ringgit's weakness affecting tire prices, the tire industry is currently facing another issue, which is a shortage of technical personnel.

Zheng Dao pointed out that despite thousands of young technicians in Malaysia holding tire and automotive technical certificates, most prefer odd jobs like driving for ride-hailing services or delivering food, rather than entering the automotive repair service industry.

He also urged the government to carefully consider allowing businesses to hire foreign technicians to directly address the current shortage of skilled workers.


 

 

 

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