Malaysia's export value of Wool, Animal Hair, Horsehair Yarn, and Fabric has exhibited a declining trend from 2013 to 2023. In 2013, the export value was recorded at its highest of 67.935 million USD, but by 2023, it had fallen to 18.919 million USD. The steepest declines were observed after 2015, with a significant drop in 2016 (46.04% decrease year-on-year) and continued steady decline over the years. Positive growth in 2021 (9.27% year-on-year) proved short-lived, as the export value decreased again in subsequent years.
Looking at the forecast from 2024, the export value is expected to continue its downward trajectory, reaching 6.7596 million USD by 2028, representing a forecasted 5-year CAGR of -16.21%.
Future trends to watch:
- Focus on market diversification and new trade agreements to expand export markets.- Investment in product innovation to increase value-added products.- Monitoring global economic conditions, which can impact demand for these exports.- Keeping an eye on advancements in synthetic and alternative fibers, as these could further affect traditional wool and animal hair exports.
