Malaysia’s wood products trade and exports grow in Q123 June 2022
Malaysia’s total trade in timber and wood products increased by 10% to RM8.64bn (2021 Q1: RM7.89bn) in the first quarter of 2022, compared to the same period in 2021, according to the International Tropical Timber Organisation’s (ITTO) latest market report.
ITTO cited the adjustment taking place in timber industries around the world due to disruption in the global supply chain and growing demand as causing prices to drive up.
Malaysia’s exports of wood products between January and March this year increased by 8.2% to RM6.54bn, compared to RM6.04bn a year ago.
Wooden furniture remained the top product category at RM3.1bn, or 47% of first quarter exports followed by plywood (RM896.5m - 14%) and sawnwood (RM640.9m - 10%).
The top three export destinations for Malaysia’s wood products in the first quarter 2022 were the United States (30%), Japan (15%) and China (9%).
There was also a 16% rise in the imports of wood products to RM2.1bn in the first quarter 2022 versus RM1.8bn a year ago.