The import of wool, animal hair, horsehair yarn, and fabric to Malaysia has seen a steady decline over the years, standing at 20.912 million US dollars in 2023. From 2013 to 2023, there has been a significant decrease in value, driven by multiple years of negative year-on-year variations and decreasing compound annual growth rates (CAGR). Over the last two years, the import value further dropped by 8.25% in 2023 after a 7.76% decrease in 2022. The last five years exhibited an average yearly decrease of 7.26%.
Looking ahead, forecasted data suggest a continued downward trend, with a projected average annual decline of 10.06%. By 2028, the import value is expected to drop to 11.095 million US dollars, marking a significant 41.13% decrease from 2023.
Future trends to watch for:
- Global shifts in textile manufacturing and supply chains.
- Technological advancements in synthetic substitutes.
- Changing trade policies and tariffs affecting import dynamics.
- Demand trends for sustainable and animal-friendly textiles.
- Economic conditions affecting industrial demand and purchasing power.
