Malaysian wood products to boom in 2022 due to Russia's ban on unfriendly countries

Posted on April 25, 2022   |  

• Russia banned wood product exports from unfriendly countries which means such countries will be looking for alternative suppliers.
• Most of Russia’s timber exports are of softwoods, alternative suppliers of hardwoods, such as Malaysia and other Southeast Asian shippers, could benefit.
• The government is aiming for an export value of RM$19 billion  ($235 million) for wood-based products, including wooden furniture by 2025 under the National Agri-commodity Policy (DAKN) 2021-2030.
• Malaysia, the world’s 10th biggest exporter of furniture and furniture parts, registered an export value of $10.41bn last year with five main export destinations being the US, Japan, Singapore, the UK, and Australia.