Exploring the Future of Malaysia's Timber and Wood Products Amidst Global Challenges
The export value of Malaysia's wood and wood products dipped by 19.1% to RM14 billion from January to August this year, down from RM17.3 billion during the same period in the previous year.
Datuk Larry Sng Wei Shien, the Chairman of the Malaysian Timber Industry Board (MTIB), attributed the decline to a global situation during the COVID-19 pandemic. He noted that while furniture sales increased amid the pandemic, once borders reopened, attention shifted to tourism and other products.
Despite the subdued sales, Sng expressed confidence in the industry's prospects. He aims for a target of RM28 billion in exports and RM20 billion in domestic market value by 2025, aligned with the National Agricommodity Policy 2021-2030 and the National Timber Industry Strategic Plan 2021-2025.
Sng believes sales will pick up in the upcoming year and expects to achieve the targets with support from the people. He highlighted that the domestic market constitutes around 60% of the timber sector's sales.
Malaysia currently ranks 14th globally in wood furniture production, solidifying its status as a key player in the industry.
To reach the 2025 goals, MTIB actively promotes wood use through media campaigns, social media, and local and international exhibitions. Sng mentioned the Wood and Lifestyle Fair (WLF) as one such initiative to promote wood furniture in the domestic market.
WLF exhibitions in Putrajaya, Pahang, and Johor Bahru have been held, with WLF generating sales totaling RM53.5 million as of March this year since its commencement in 2016.
Should this scenario materialize, it would significantly benefit Malaysia's timber and furniture industries:
In the timber sector: $TAANN / 5012 (TA ANN HOLDINGS BERHAD), $JTIASA / 4383 (JAYA TIASA HOLDINGS BHD), $PWORTH / 7123 (PRICEWORTH INTERNATIONAL BERHAD), FLBHD, TIMWELL etc.
In the furniture sector: $SERNKOU / 7180 (SERN KOU RESOURCES BERHAD), $LIIHEN / 7089 (LII HEN INDUSTRIES BHD.), POHUAT, $KLSE-SYNERGY, ECOMATE etc.
