Malaysia's furniture exports to rise following TPP
The Trans-Pacific Partnership (TPP) will boost Malaysia’s furniture exports as trade among member states, especially the US, increases, according to the Malaysia External Trade Development Corporation
Illustrative photo (Source:Internet)Speaking after the Malaysian International Furniture Fair (MIFF) 2016 Prize Presentation Ceremony on March 3, Matrade Deputy Chief Executive Officer Susila Devi said Malaysia’s furniture exports to the US accounted for 30 percent of its total exports in 2015, reaching 2.8 billion ringgit (nearly 700 million USD), up 23 percent compared with 2014.
The official revealed Matrade will carry out further capacity building programmes to encourage more Malaysian companies to learn about US product-safety requirements, to enable them to increase their exports to the country.
She added of the 9.14 billion ringgit ( 2.2 billion USD) in total furniture exports recorded in 2015, wooden furniture remained the largest contributor at 7.26 billion ringgit (1.73 billion USD) or 79 percent.
Susila hoped the country will reach its target of 10 billion ringgit in furniture sales in 2016 despite the challenging economic situation.
This year, Malaysia will focus on some new markets such as India, and several Eastern European and Latin American markets.-VNA
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