KUALA LUMPUR: The total exports of timber and timber products have shown significant growth, reaching a value of RM9.69 billion as of May 2024, an increase of 17.2 per cent compared to the same period in 2022, according to Malaysian Timber Industrial Board (MTIB) chairman Datuk Larry Sng Wei Shein.
However, he noted that total exports of timber and timber products for 2023 amounted to RM21.84 billion, reflecting a 13 per cent decrease compared to the export value recorded in 2022.
The main wood-based products exported are plywood, sawn timber, and wooden furniture.
"Wooden furniture contributed the highest export value of RM4.01 billion, followed by plywood with RM1.03 billion and sawn timber with RM9.12 million in 2023," Sng said during the opening address of Malaysia Furniture Furnishings Market (MFFM) 2024 today.
He emphasised that Malaysia plays a key role in the global timber market and ranks among the top exporters of furniture worldwide noting that wood-based products from Malaysia have been exported to more than 173 countries.
"'Made in Malaysia' is highly sought after by furniture buyers around the world," Sng added. "While focusing on the export market, our manufacturers should also take note of the increasing demand for furniture products in the domestic market."
Speaking to Bernama after the event, Sng expressed optimism about the growth prospects for Malaysia's furniture industry in 2024, driven by rising global demand for timber.
"I believe that global consumption of timber is generally on the rise. As the global economy recovers, Malaysian furniture will become more affordable and attractive to international buyers," he stated.
Sng also pointed out that participating in meetings, incentives, conferences, and exhibitions (MICE) events, such as MFFM, could further boost demand for Malaysia's furniture industry.
MFFM 2024 marks a significant milestone, being Malaysia's first business-to-business furniture show. The event held from Sept 5-7 at World Trade Centre Kuala Lumpur will host 50 exhibitors, including those from China, Indonesia, and Japan.
The exhibition expects over 5,000 trade buyers, including 500 international buyers from more than 40 countries, who will be sourcing a wide range of furniture products.