Online Reporter
WE have already seen price increases in fuel, transport costs, food and just about every basic commodity since war broke out in the Middle East in February.
Now, one of the world’s leading condom brands, has announced it is increasing its product prices considerably after having supply disruptions amid the war between the United States and Israel and Iran.
Malaysian condom brand Karex plans to raise its prices by up to 30%, and possibly further, as the company has seen a surge in demand, rising shipping costs and delays, Karex CEO Goh Miah Kiat told Reuters.
“The situation is definitely very fragile, prices are expensive,” said Kiat, 48.
“We have no choice but to transfer the costs right now to the customers.”
Since the war began on February 28, there have been cost increases for Karex across all materials and chemicals used in condom production, such as synthetic rubber, nitrile and lubricants.
The price of packaging materials, including aluminum foils and silicone oil, has also risen, according to Kiat.
The conflict has also made it difficult for the company to secure raw materials for condoms and other products, such as packaging materials, as transporting petrochemicals and energy from the Middle East is strained.
This has also created high demand, putting increasing pressure on the company.
Karex’s condom stockpiles have decreased due to significant cuts in foreign aid spending.
Kiat says Karex has enough condom supply to meet demands over the next few months and the company is seeking to boost its output to handle the rise in condom demands.
This issue has effected several other manufacturers of other products.
“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” added Kiat.
In recent months, Karex’s shipping to the U.S. and Europe has taken up to three months to arrive, The Guardian reported.
Kiat told Bloomberg:
“In bad times, the need to use condoms is even more because you’re uncertain with your future, whether you’d still have a job next year.”
“If you have a baby right now, you’ll have one more mouth to feed,” he added.
The brand is the world’s biggest condom maker, per the outlet. – PEOPLE/ReutersBC
