China and the United States accelerate economic recovery and Malaysia's timber export trade benefits
Release date: 2021-02-26 10:52 Source: unknown Author: admin Click:
Although Malaysia's timber industry suffered twists and turns during the epidemic period in 2020, compared with the timber export volume of rm22.5 billion in 2019, the timber export in 2020 will only drop by 2%.
Since May 2020, the export value of wood products in the recovery stage began to increase month by month. Companies that produce wood products, especially furniture, plywood, mouldings and joinery, are gradually operating to meet orders from the export market.
Among them, wooden furniture was still the main product, with an export growth of 16%, from RM9 billion in 2019 to rm10.6 billion. The performance of high value-added products such as furniture, joinery and mouldings increased by 11% year-on-year, and the export volume increased from rm11.1 billion in 2019 to rm12.3 billion.
(photo source: creative and deleted)
However, wood joinery and moulded products decreased by 6% and 21% to rm972 million and rm688 million respectively, with exports of RM1 billion and rm872.1 million in the same period of 2019. At the same time, the export of sawn timber, as a key product, decreased by 29% from rm3.4 billion in 2019 to RM2.4 billion. Plywood exports fell 17% to rm2.8 billion from RM3.8 billion in 2019.
The main growth markets for wood products are the United States and China. These two markets account for 44% of Malaysia's total exports. In particular, sales to the United States increased significantly in 2020, up 50% from RM5 billion in 2019 to rm7.4 billion. Timber exports to China will grow by 23% in 2020 to RM2.3 billion.
Thanks to the economic recovery of major timber importing countries such as the United States and China, as well as the growing demand of other countries, Malaysia's timber industry will maintain a positive export throughout 2021. At the same time, the Ministry of Commerce of Malaysia will also strive to ensure that the local wood industry remains competitive in the domestic and global markets through the Timber Industry Council and the Timber Council.