The import of textile floor coverings and carpets to Malaysia has experienced a steady increase over the past decade. The value stood at 135.02 million USD in 2023, marking a notable growth from 54.216 million USD in 2013. This growth trajectory showcases a compound annual growth rate (CAGR) of approximately 4.84% from 2013 to 2023. Notably, the past two years showed a year-on-year increase of 4.33% in 2022 and 4.06% in 2023.
Looking at the future projections, the import value is expected to continue its upward trend with a forecasted CAGR of 2.91% from 2024 to 2028. By 2028, the value is anticipated to reach 162.56 million USD, indicating a forecasted 5-year growth rate of 15.45% from the 2023 value.
Future trends to watch for:
- Shifts in consumer preferences towards sustainable and eco-friendly materials.
- Impact of technological advancements on production and supply chain efficiency.
- Potential economic fluctuations and their effects on import levels.
- Changes in trade policies and tariffs affecting international trade dynamics.
