Malaysia’s timber exports are anticipated to rebound this year, supported by a surge in demand from the US market, according to Plantations and Commodities Minister Datuk Seri Johari Abdul Ghani.
Malaysia’s timber exports are anticipated to rebound this year, supported by a surge in demand from the US market, according to Plantations and Commodities Minister Datuk Seri Johari Abdul Ghani.
Johari said the Malaysian furniture industry, which is predominantly export-oriented, has seen 44 per cent of its timber exports shipped to 186 countries in the last five years.
"The US is the largest buyer of Malaysian furniture, accounting for over half of furniture exports.
“In 2024, we are confident that this industry’s exports will return to their original position. We will ensure that our exports meet the world’s required standards,” he said after officiating the launch of the Malaysia International Furniture Fair (MIFF) here, today.
Exports of timber and timber products fell by 13.2 per cent to RM21.9 billion, whereas furniture exports fell by 18.1 per cent to RM9.1 billion in 2023 due to a weakening in housing demand in the US.
Meanwhile, Johari said that trade shows such as MIFF play a vital role in facilitating trade and reaching new markets.
"I have been made to understand that the expected sales generated during MIFF 2024 could reach up to US$1.3 billion (RM6.2 billion).
“This is a very inspiring target, and I hope it can be realized,” he said.
MIFF has reported a six per cent increase in its number of visitors this year, highlighting the event’s growing prominence in the industry.
With 714 exhibitors from 15 countries and regions, including Malaysia and several top furniture-producing countries in Asia, MIFF continues to attract a diverse range of participants and showcase a wide array of furniture offerings.
MIFF founder and chairman Datuk Tan Chin Huat said a six per cent increase in exhibitors, will attract more international buyers and spur another round of robust business following last year’s 19 per cent jump in sales to US$1.21 billion and a high of 673 exhibitors.
In addition to Malaysia, Tan said this year’s show is joined by companies from Cambodia, China, Hong Kong, India, Indonesia, Japan, Singapore, South Korea, Taiwan, Thailand, Türkiye, Vietnam, the United Arab Emirates, and the United States.
“Over the next four days, we expect to welcome 20,000 visitors from all over the world over four days from March 1 to 4,” he added.