Timber exports to see moderate growth this year

BANGI: The country’s timber exports are expected to see moderate growth of between RM22 billion and RM23 billion this year following the withdrawal of the US from the Trans-Pacific Partnership Agreement (TPPA).

Director-General of Malaysian Timber Industry Board (MTIB), Datuk Dr Jalaluddin Harun, said currently the country’s key timber export destinations were Japan, US and the European Union.

He said although timber exports declined slightly last year to RM22.11 billion from RM22.14 billion in the previous year because of weak demand due to the global economic downturn, the industry took advantage of the weak ringgit.

“The transactions were denominated in US dollars and they helped boost export value last year,” he told reporters after opening a Seminar on Occupational Safety and Health in the Timber and Forest Plantation Industries yesterday.

He said following the US withdrawal from the TPPA, the Ministry of International Trade and Industry (MITI) has also reconsidered Malaysia’s participation and this would lead to relatively slow growth.

However, he said, MTIB was now eyeing new markets, such as countries which had free trade agreements with Malaysia like Australia, New Zealand, Turkey and Chile, which offered export tariffs at zero per cent or very low. — Bernama