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BUSINESS

Higher demand for timber amid global economic uncertainties

31/05/2022 04:42 PM

KUALA LUMPUR, May 31 (Bernama) -- Malaysia’s total trade of timber and timber products increased by 10.1 per cent to RM8.69 billion in the first quarter of 2022 from RM7.89 billion in the same corresponding period in 2021.

The Malaysian timber industry has benefited from the ongoing disruption in the global supply chain, as well as the Russia-Ukraine war, increasing demand for Malaysian timber-based products, and raising timber prices.

The Malaysian Timber Council chairman Norrida Yusoff said the industry is showing much dynamism in exports with recent trade visits to the US and Europe as well as the Ministry of Plantation Industries and Commodities’ agri-commodities promotional efforts to the Middle East opening up business opportunities.

“The Malaysian timber industry chalked notable gains in exports for the first quarter of 2022 as global demand grew,” she said in a statement today. 

Malaysia’s export of timber and timber products from January to March this year increased by 8.2 per cent to RM6.54 billion compared to RM6.04 billion a year ago.

Wooden furniture remained as the highest contributor with RM3.1 billion, or 47.3 per cent in exports in Q1 2022, followed by plywood (RM896.5 million: 13.7 per cent) and sawntimber (RM640.9 million: 9.8 per cent).

The top three export destinations for Malaysia’s timber and timber products were the United States (34.8 per cent), Japan (14.8 per cent) and China (9.0 per cent).

Malaysia’s exports of wooden furniture were mainly to the United States (59.3 per cent), followed by Japan (5.6 per cent) and Singapore (4.4 per cent).

There was also a 16.4 per cent rise in the imports of timber and timber products to RM2.1 billion in Q1 2022 versus RM1.8 billion a year ago with imports from China (37.5 per cent), followed by Indonesia (20.2 per cent) and Vietnam (8.6 per cent).

Among the raw materials imported were sawntimber (RM218.6 million) and veneer (RM127.2 million) which increased by 54.1% and 57.1%, respectively, year-on-year.

However, there was a drop in imports for particleboard/chipboard and logs, at RM101.1 million and RM48.8 million, respectively, representing a decline of 22.8 per cent and 21.8 per cent, respectively, year-on-year.

-- BERNAMA


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