According to The Edge Markets, the Malaysian timber industry is aiming to reach RM$28 billion worth of timber exports by 2025.
This declaration was made by the Malaysian Timber Industry Board (MTIB). Hishamuddin Abdul Karim, chairman of MTIB, mentioned that this is aligned with the new National Timber Agrocommodity Policy launched by the Ministry of Plantation Industries and Commodities, with support from the National Timber Industry Strategic Plan 2021-2025.
He said: “Empowering the development of the country’s timber industry will always be a priority for MTIB when facing current issues and challenges, including issues related to raw material resources, manpower, shipping, production costs, and productivity.
“To ensure that the domestic sales target can reach $20bn in 2025, MTIB is now actively promoting the use of wood in the local market via promotional campaigns in the mass media, participating in exhibitions, and organising exhibitions such as the Wood & Lifestyle Fair, which the MTIB started branding since 2016.”
According to the Malaysian Timber Council (MTC), timber exports from Malaysian achieved a 13.8% year-on-year increase in the January to June 2022 period to $13.19bn.
Source: The Edge Markets