Timber-related product exports to hit RM24 bln next year - Zuraida - MIDA | Malaysian Investment Development Authority
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Timber-related product exports to hit RM24 bln next year — Zuraida

Timber-related product exports to hit RM24 bln next year — Zuraida

24 Nov 2021

The Ministry of Plantation Industries and Commodities (MPIC) has targeted a two-fold increase in the export of timber-related products to RM24 billion next year.

Its minister Datuk Zuraida Kamaruddin said this can be achieved by exploring new markets such as Central Asia, the Middle East, and Oceania, with the support from the ministry in ensuring sufficient manpower, efficient management, and funding.

“We will enter new markets in Central Asia, China, India, Middle-East and Oceania as well as Australia and New Zealand…these are our target markets next year.

“We are hopeful of increasing revenue from the wood industry,” she said in a media briefing after launching the TIMB3R Design Incubator Programme (TIMB3R DIP) 2.0 and Hackathon here, today.

Despite the pandemic, exports of timber and timber-based  products from January-August 2021 amounted to RM14.3 billion, and the five main  export products were wooden furniture (RM6.6 billion), plywood (RM2 billion), sawn timber (RM1.5 billion), builders’ joinery and carpentry (BJC; RM606.0 million), and wood veneer (RM460.7 million).

The top five export markets were the United States (RM4.9 billion), Japan (RM1.9 billion), China (RM1.6 billion), Singapore (RM614.4 million), and India (RM596.8 million).

Malaysia’s wooden furniture exports are projected to exceed the target at RM12.5 billion for 2021 and the country had already achieved RM6.6 billion as of August this year.

In 2020, the export value of wooden furniture totalled RM10.6 billion.

Malaysia has also been listed as the sixth largest exporter of wooden furniture and BJC globally with total exports valued at RM12.3 billion in 2020.

Meanwhile, the TIMB3R DIP programme and Hackathon was organised by the Malaysian Timber Council (MTC) together with the Malaysian Furniture Council (MFC) and Malaysian Institute of Interior Designers (MIID), and supported by the Malaysian Wood Moulding and Joinery Council  (MWMJC)  and the Association of Malaysian Bumiputra Timber & Furniture Entrepreneurs (PEKA).

The programme is to encourage cooperation among wood-based industry entrepreneurs and designers or architects to produce high-value-add Malaysian-made wood products for the international market.

Source: Bernama