Based on historical data, the import value of vegetable, fruit, nut, and food preparations to Malaysia has consistently risen from $320.17 million in 2013 to $488.18 million in 2023. This reflects a consistent upward trend despite experiencing minor fluctuations in growth rates year-on-year. Notably, in 2023, the import value stood at $488.18 million. The year-on-year variation over the past two years has shown stable increases of 3.52% from 2021 to 2022 and 3.33% from 2022 to 2023. The compound annual growth rate (CAGR) over the last five years stands at 3.37%.
The forecast data predicts continued but moderating growth, with future values projected to reach $562.28 million by 2028, implying a forecasted five-year CAGR of 2.23%.
Future trends to watch for:
- The impact of trade policies and international agreements on import costs and regulations.
- Changes in local agricultural production and consumption patterns which might affect import reliance.
- The influence of global economic conditions and exchange rate fluctuations on import values.