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Malaysia eyes higher Phl furniture sales
Malaysian Ambassador to the Philippines Abdul Malik Melvin Castelino bin Anthony targets an increase of his country’s export of furniture to the Philippines to grow by 8 percent beginning this year until 2027. In an interview at the sidelines of the first Philippine Furniture Furnishings Market at the SMX Convention Center in Pasay City, Malik said the forecast number was arrived at after Malaysian furniture enterprises made a significant export to the Philippines of $71.5 million worth last 2022. He also expressed optimism to have a bigger share of the local furniture market which is expected to reach $829.2 million this 2023. “We hope to grow it exponentially. It all depends on the (economy’s) growth rate. With an increase in the (gross domestic product), there will be an increase in expenditure especially for furnishings, for housing. And the housing market is booming now. You can see a lot of developments,” the Malaysian envoy said. 8th biggest market Further, he revealed that the Philippines is Malaysia’s 8th largest export market for furniture products. “I think we have an advantage because we can source raw materials from Malaysia. We have good, quality products and design,” Malik said. According to Statista, the revenue that Malaysia reaped in the Furniture market amounts to $4.51 billion in the first half. The market’s largest segment is the Living Room Furniture with a market volume of $1.57bn in 2023, while in global comparison, most revenue is generated in the United States at $252.70 billion this year. The PFFM, which started from 5 June to 7 2023, brings diverse choices of high-quality furniture and furnishing products to fulfill the sourcing needs of the local market. Aside from Malaysia, countries that participated in the PFFM include China and Thailand in showcasing the latest trends in home and outdoor furniture, office and commercial furniture, home décor, and lifestyle products. “With the PFFM, we are able to highlight the creativity of Asian furniture designers, manufacturers and suppliers, thereby helping intensify the demand for products on the global stage,” according to Vicky Tan, project director of the PFFM, Derrisen Sdn. Bhd. The post Malaysia eyes higher Phl furniture sales appeared first on Daily Tribune......»»
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