| Malaysia: Sarawak merchants seek favorable production trends from China |
| 21/12/2008 - 09:07 |
Log prices in Malaysia began to stabilize, particularly in
West Malaysia, where the year-end monsoon has caused
widespread flooding and landslides, making it difficult and
dangerous for the harvesting of logs. Timber merchants in
Sarawak are hopeful that China will increase its imports of
logs from the east Malaysian state at the end of the winter
season. Wood Resources International recently reported
that China’s timber production has substantially increased
over the first seven months of 2008, although production
was expected to be down during most of the fourth quarter
of 2008. Timber merchants from Sarawak have also faced
enormous competition from New Zealand, which has
increased its export of radiata pine logs to China during
third quarter 2008, up about 58% from third quarter 2007
levels. Nevertheless, traders in Sarawak are hopeful
production trends in China will turnaround in 2009 and
offer promising opportunities.
Malaysia furniture makers take interest in Saudi Arabian
markets
Furniture manufacturers continued to take interest in the
Kingdom of Saudi Arabia. According to a report by Jones
Lang LaSalle, a leading international real estate
investment and advisory firm, the Saudi Arabian real
estate market is expected to grow substantially over the
next four years. The country has had over five years of
continued economic growth, with GDP increasing on
average 15% annually since 2002.
Despite this news, sawnwood processors and wooden
furniture manufacturers were facing sharp challenges,
reported the Khaleej Times, as raw material supply continued to tighten and the Gulf Cooperation Council
(GCC) countries’ real estate and construction industries
began to slow down. Banks in the GCC, especially Dubai
and Kuwait were also tightening lending rules and policies
as crude oil prices fell below USD50 per barrel.
|
| (ITTO's Tropical Timber Market Report) |
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