Based on the data provided, the forecast for the import of hand-made paintings, drawings, pastels, and collages to Malaysia reveals a gradual decline. In 2024, the value is expected to be 5.9301 million USD, decreasing incrementally to 5.736 million USD by 2028. In 2023, the actual value stood at X million USD. The year-on-year variation indicates a steady decrease, with percentages for 2025, 2026, 2027, and 2028 being -0.84%, -0.83%, -0.82%, and -0.81% respectively. The five-year CAGR stands at approximately -0.95%.
Future trends to watch for:
- Changes in global economic conditions which could impact disposable income and spending on art.
- Evolving consumer preferences, particularly the possible shift towards digital art or other forms of visual art.
- Trade policies and import regulations that might affect the cost and ease of importation.
- The impact of cultural events and tourism in Malaysia, potentially influencing demand for imported art.