COVID19 Lockdown: Price of Condom will rise due to shortage of stocks
- Many people abstain from having children due to the uncertain future.
- Demands have been growing at ‘double digits’ as governments issued Lock-down
- Condoms could get a lot more expensive coming months
The world’s biggest maker of condoms, Karex Berhad, has issued a warning as their supply has fallen short by almost 50%. They might run out of stocks in the next 2 months.
According to Forbes, Karex produces five billion condoms a year, accounting for roughly 15 percent of the world market. So this means sanitizers and food supplies were not the only commodities highly purchased due to an unprecedented lockdown.
Group Chief Executive Officer at Malaysia-based Karex Berhad, Goh Miah Kiat, revealed that based on these results we might see a rise in the price of condoms.
Demands have been growing at ‘double digits’ as governments around the world issued stay-at-home notices and many people abstain from having children due to the uncertain future.
“I would definitely say this is an unprecedented stage; we have never seen such a disruption.
“We are still paying all our workers’ full salaries, but workers only come in half the time, so, generally, there will be a cost increase,” he added.
Disruptions in Asia has been the main factor behind a shortage of condoms
The company said it only restarted its factories on Friday after a week-long closure, working with just half its workforce to comply with a lockdown that Malaysia imposed to contain the spread of the coronavirus.
The company said condoms are mainly made in China and India, which are both heavily impacted by the pandemic.