Furniture Industry Growth In Malaysia

Malaysia Furniture Market The furniture industry in Malaysia has undergone a dynamic change from traditional operations to technology driven industry over the last few years 2010-2015. By 2019, the global market for furniture and floor coverings is forecast to reach $695 billion. About 12% of designs registered in the European Union Intellectual Property Office relate to this sector;;

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The global furniture market is projected to grow at the rate of 5.2% during the forecast period 2018 to 2023.

Furniture industry growth in malaysia. World Bank growth forecast is at 4% to 5% after the 2008 downturn. The year-on-year growth was driven by the increase in Transport Equipment & Other Manufactures Products ( 7.7% ), Petroleum, Chemical, Rubber and Plastic Products ( 5.9%) and Electrical. Under the National Timber Industry Policy, the furniture industry is targeted to contribute RM12 billion in exports by 2020.

The Government has set an annual growth target of 6.4 per cent for timber exports, which are estimated to be worth RM53 billion by 2020. Why the EU furniture industry is important.

According to the Association of Indonesian Furniture and Handicraft Industries (HIMKI), the value of Indonesian furniture exports in 2017 was $1,627 billion USD or a slight increase by 1% from that recorded in 2016 of $1,607. The Government will continue to support the development of the furniture industry in Malaysia through various initiatives to ensure its rapid and sustainable growth. Many factors need to be considered by those in the industry, including:

Trend setting - EU furniture manufacturers set global trends. The CSIL Report The furniture industry in South East Asia.Outlook for 5 emerging manufacturing countries Indonesia, Malaysia, Philippines, Thailand, Vietnam offers an overview of this area, providing information on the furniture production system and the import and export flows by country, as well as information on the factors affecting furniture demand, the local market and the. The furniture industry is broken down into retail stores, office furniture merchants, warehouse showrooms, and specialty furniture.

The Key Facts of the Furniture Industry Malaysia. According to the US Census Bureau, there are approximately over 87,000 establishments bringing in annual revenue of $120 million a year and employing more than 500,000 employees. Malaysia's economy grew by 3.6 percent year-on-year in the fourth quarter of 2019, easing from a 4.4 percent expansion in the previous three-month period and missing market expectations of 4.2 percent.

Samples (FAQs about Samples):Delivery: In the year 2006, the Indian furniture industry was estimated at around Rs 35,000 crores. Jegatheswaran Ratnasingam, a, * Chin Khoon Ark, a Hazirah Ab Latib, a Hasshviny Subramaniam, a and Albert Khoo b The Malaysian furniture industry is the country’s fastest growing sub-sector within the wood-based industry, and its socio-economic importance cannot be taken lightly.