The Malaysian Reserve

Matrade targets 5% increase in lifestyle exports for 2018

Malaysia External Trade Development Corp’s (Matrade) lifestyle and life sciences section director Abu Bakar Yusof said among the big contributors to the trade figures are textiles, apparels and accessories (Pic by Ismail Che Rus/TMR)

By NUR HAZIQAH A MALEK / Pic By ISMAIL CHE RUS

Export for lifestyle products is expected to reach RM41.14 billion, a commendable increase from the total of RM39.18 billion that was achieved in 2017.

Malaysia External Trade Development Corp’s (Matrade) lifestyle and life sciences section director Abu Bakar Yusof (picture) said among the big contributors to the trade figures are textiles, apparels and accessories.

“Our estimation for the life-style exports’ growth this year is expected to be around 5%, compared to last year’s 4.1%,” he said at the Asean Lifestyle Week 2018 (ALW) media briefing last Friday.

He said the second-biggest export item that falls under the lifestyle category would be furniture.

“Take for example the export figures last year, around RM15.33 billion is from textiles, apparels and fashion items, while RM10.14 billion is from furniture,” he said.

Furniture export is also expected to reach RM12 billion this year, earlier than the 2020’s targeted amount which is part of the National Timber Industry Policy.

The main export destinations for Malaysia’s lifestyle sector include the US, the UK, Singapore, Japan and Australia.

For the first five months of the year, a total of RM15.42 billion of lifestyle products were exported.

For the Asean market, Malaysia has exported RM10.36 billion of lifestyle products last year, which saw a 9.5% gain compared to the previous year’s figures.

The ALW — which will be held on Sept 8-9, 2018 — is expected to attract some 20,000 trade representatives and visitors thronging the 150 booths stationed at the event.

Trade-Link Marketing Consultants Sdn Bhd MD Jonathan Kan Thai Kim said around 20 local companies have already signed up to participate in the event.

“There are also trade representatives from the Asean countries and non-Asean countries such as France, Hong Kong and Spain that have expressed their interest in the event,” he said.

Organised by Yayasan Budi Penyayang Malaysia, the ALW will also be held in conjunction with its annual Piala Seri Endon Batik Design Competition, a contest that debuted in 2003.