Malaysia’s timber industry observes good H1 2022 results, but stakeholders remain cautious

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According to The Sun Daily, timber exports for Malaysia rose to RM13.2 billion in H1 2022, compared to $11.59bn in the same period last year.

The 13.79% increased was due to the reopening of the world economy, as well as Malaysia’s timber products recognised for its quality internationally.

“In 2021, this industry recorded an export value of $22.74bn, where it rose to 3.27% compared to the year 2020,” said Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin, in her speech at the signing of a memorandum of understanding between CTSC Worldwide, a sub-subsidiary of Malaysian Timber Industry Board (MTIB), and seven stakeholders.

“Until June 2022, the export value of timber products contributed $13.19bn which is an increase of 13.79% compared to $11.59bn for the same period in 2021.”

MTIB director general Kamaruzaman Othman also signalled his optimism about the results, and believes in the industry’s potential to do better. However he remains cautious, especially due to recent challenges such as raw materials and labour shortage.

“Outlook as of now, with the reopening of most the economy after the COVID-19 pandemic, should be better,” he said. “Even if you look at our statistics for the first six months, we have recorded an increase of 13% over the same period last year.

“So, if you go by that trend, there should be a better outcome than this year but of course the economy is still very fluid, we do not know what’s going to happen.

“But there is light at the end. We have good potential but we have to deal with certain issues, especially in the furniture industry, we have these issues like perennial issues such as raw materials and workers shortage.

“If we can mitigate this problem, we should be doing slightly better than the past.”

Source: The Sun Daily