In 2023, Malaysia exported 5.1331 million kilograms of compressors for refrigerating equipment. Over the last two years, the exports decreased by 6.07% in 2022 and further by 6.33% in 2023, continuing a declining trend. Over the last five years, the Compound Annual Growth Rate (CAGR) has been a negative 6.92%, indicating a persistent downturn in export volumes.
Looking back, the export values saw dramatic fluctuations with an 85.96% rise in 2016 but generally experienced more declines than rises in subsequent years. The most severe drop occurred in 2017, with a 67.93% decrease. From 2018 onwards, the trend has mostly been negative, accentuated during the global economic impacts of the COVID-19 pandemic, resulting in consistent declines leading up to 2023.
Future trends to watch for include potential impacts of global economic recovery, shifts in manufacturing and supply chain strategies, environmental regulations, and innovations in compressor technology. These factors could either slow down the decline or potentially stabilize and revive the export volumes.