The import of carded wool to Malaysia has experienced significant fluctuations over the years. The volume in 2013 was 10.98 thousand kilograms, peaking dramatically at 27.75 thousand kilograms in 2016. Since then, the imports have generally decreased, stabilizing around 8 thousand kilograms from 2021 to 2023, with the volume standing at precisely 8.2 thousand kilograms in 2023.
The year-on-year variations indicate a highly volatile market with drastic increases and decreases. Notable changes include a 294.4% increase in 2016 and a 63.44% decrease in 2018. The Compound Annual Growth Rate (CAGR) over the last two years prior to 2024 was 0.39%, reflecting a minor growth, while the last five years show an average annual variation of 0.32%.
Looking forward, the forecast suggests minor and consistent growth, with the volume projected to increase to 8.36 thousand kilograms by 2028, resulting in a forecasted 5-year growth rate of 1.59%.
Future trends to watch for:
- Stability in import volumes with minor increment trends.- Potential market influences such as global wool production and trade policies impacting supply chains.- Technological advancements in textile manufacturing affecting the demand for raw materials like carded wool.