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Furniture Industry To Benefit From Growing Property Sector

KUALA LUMPUR, MALAYSIA: The growth in the domestic property sector that is driving rising furniture demands will be profitable for the furniture industry in spite of the exponential growth in the export market, according to Malaysian Furniture and Furnishings Fair (MF3) organising chairman Alfred Yow. A total of 362,105 units of properties were developed according to the Malaysian Property Market Report 2015.

“From this figure, 274,789 units are residential, commercial and industrial properties. In this context, there is a potential for our industry to capitalise on the demand for furniture in the domestic property market,” said Yow in the opening ceremony of MF3.

According to Yow, the furniture industry contributed significantly to the total export earnings of timber and timber products. The furniture industry’s export total in 2015 was valued at RM9.14bil, which is a 14.1 percent increase in comparison to RM8bil the year before. Wooden furniture exports accounted for 80 percent of total furniture exports in 2015 with the value of RM7.29bil.

Yow also said that the wooden furniture industry needs to be more innovative and able to optimize resources through mechanization and automation in manufacturing processes, reported The Star.

“Furniture products manufactured in China will not continue to be cheap, as labour and living costs are on the rise. Thus, we are optimistic that the home grown furniture manufacturing industry will continue to improve,” said Albert Khoo, Kuala Lumpur and Selangor Furniture Entrepreneur Association (KLSFEA) secretary general.

MF3, organized by KLSFEA, was held at Kuala Lumpur Convention Centre (KLCC) from June 17 and ended June 19, 2016.

The exhibition organized and run solely by its committee members, featured mainly of local furniture and furnishings manufacturers and brands.