KUALA LUMPUR: More than 100 Malaysian furniture manufacturers will have the opportunity to directly engage with 43 buyers from around the world during the weekend via the Malaysia External Trade Corporation’s (Matrade) business matching International Sourcing Programme (INSP).
The one-day INSP, which will take place during the 15th Export Furniture Exhibition (EFE) 2019 at the Kuala Lumpur Convention Centre on Sunday, is organised in partnership with the national trade body of Malaysia’s furniture trade industry, the Malaysia Furniture Council, said the promotion agency in a statement here.
During the INSP, Matrade will be matching the Malaysian furniture companies with foreign buyers from more than 20 countries such as India, China, Hong Kong, Indonesia, South Korea, Argentina, and the United Kingdom.
“The initiative will provide the local manufacturers an opportunity to establish trade collaborations and commercial opportunities with the foreign buyers who are sourcing for high quality Malaysian-made furniture products, including accessories,” it added.
Matrade chief executive officer Datuk Wan Latiff Wan Musa said the global market trend was rapidly changing in tandem with the disruption in technology and customers preferences.
He pointed out that technology advancement has provided today’s businesses with multifaceted advantages from the design, materials and quality perspectives.
This shift brought about by technology enables the industry players to swiftly diversify their business model from being merely an Original Design Manufacturing player to become an Original Brand Manufacturing player.
“In the highly competitive furniture market, this will escalate the value proposition of the company as it will also generate much higher value to exports. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategise better,” said Wan Latiff.
In 2018, Malaysia’s exports of furniture amounted to RM9.83 billion and the main exports included wooden bedroom furniture, seats and its parts, seats with wooden frame, kitchen wooden furniture, and metal furniture.
During the 2014-2018 period, the Compound Annual Growth Rate of furniture products rose by 4.18 per cent with the main export destinations for Malaysia’s furniture products made up of the Unites States, Singapore, Japan, Australia and the United Kingdom.
Meanwhile, in January 2019, exports of furniture were valued at RM942.7 million, an increase of 9.9 per cent compared with January 2018. – Bernama
