MIFF expects record sales of RM4.46bil this year
Weaker ringgit to boost the value of Malaysian furniture exports
KUALA LUMPUR: The four-day Malaysian International Furniture Fair (MIFF) 2017 is expected to generate record sales of US$1bil (RM4.46bil), compared with US$908mil (RM4.05bil) last year.
MIFF founder and chairman Datuk Dr Tan Chin Huat said response for the exhibition has been encouraging, adding that the weaker ringgit is also expected to boost sales.
“We hope to achieve RM1bil and it will be a new high for the exhibition. Registered customers in the past two days alone has been 20% higher,” he told StarBiz after the launch of the 23rd MIFF yesterday.
He added that the weaker ringgit would boost the value of Malaysian furniture exports and drive sales this year.
Meanwhile, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said MIFF provided a valuable platform for furniture buyers and producers to interact and connect them with the global markets.
“The furniture industry in Malaysia is an important component of the timber sector. In 2016, Malaysia’s exports of furniture products increased by 4.2% to RM9.53bil, compared with RM9.14bil in 2015.
“We’re convinced exports will improve. This year’s exports will exceed 4%, even though the world economy has been facing a lot of challenges. Our products are competitively priced and the quality has also improved.”
Mah said companies from middle eastern countries have expressed interest in Malaysian furniture.
He added that Malaysia is the eighth largest furniture exporter in the world and has the potential to “climb up the ranks.”
“We’re hopeful that within the next five years, we’ll become among the top five exporters in the world. But we’ll have to work hard to achieve it.
On a separate matter, Mah said the Netherlands’ recognition of the Malaysian Timber Certification Scheme (MTCS) last month was a significant milestone for Malaysia.
“The timber certificate is important to us, as the Dutch government is strict. The Netherlands is a big importer. But more than that, the certification gives us the status to go to other countries.”
The Dutch market currently accounts for about 30% of the total export of the Programme for the Endorsement of Forest Certification (PEFC)/MTCS-certified timber products from Malaysia, which was valued at RM202mil in 2015.
Meanwhile, Tan said this year’s MIFF had attracted a record 543 exhibitors, which was a 12% increase from last year’s turnout.
He said the exhibition would continue to enhance its position as the leading furniture industry event in South-East Asia.
“Our exhibitors are also moving with the times. They are investing more in research and development to come up with their own design and new products, creating more value for their business and potential customers.”
This year’s MIFF will be held from March 8 to 11 at the Putra World Trade Centre and Matrade Exhibition & Convention Centre.
Star Media Group is the media partner of the event.