US now importing Malaysian furniture
The Malaysian Furniture Entrepreneurs Association (MFEA) is projecting a 5 per cent to 10 per cent increase in export sales of Malaysian-made furniture products this year to over 8 billion ringgit (Bt8 billion) from 7.67 billion ringgit a year ago, compar
MFEA president Lor Lean Sen said the revised forecast was due to the higher export sales in the first five months of 2012.
The first five months saw export sales grew 10.3 per cent to 3.1 billion from 2.86 billion achieved in the same period last year.
“The United States ranked as the top furniture buyer from Malaysia with a purchase of 899 million, compared with 771 million bought in the same period last year.
“According to the latest reports by CNNMoney, home prices in the US surged 2.1 per cent this quarter from the first quarter. The demand for properties in the US is resuming, indicating that people are buying properties again to move into new homes, which will require new furniture set.
“This is why the US is importing more Malaysian-made furniture,” Lor said.
Japan, Singapore, and Australia ranked second, third, and fourth in terms of furniture imports from Malaysia for the five-month period.
“Japan imported 258 million ringgit worth of furniture products, while Singapore and Australia purchase 239 million ringgit and 204 million ringgit respectively from Malaysia,” he said.
