KUCHING: Malaysia’s exports of hardwood plywood to the United States (US) jumped by 41 per cent to 91,392 cubic metres (cu m) in 2024 compared to 2023.
However, compared to top suppliers Indonesia and Vietnam, Malaysia remains a relatively small plywood supplier, ranking sixth on the list of exporters to the world’s largest economy.
Last year, the US imported approximately 2.76 million cu m of hardwood plywood, marking a one per cent decline from 2023. However, the value of imports rose substantially.
“With total volume remaining steady in 2024, the dollar value of imports increased by a healthy 13 per cent to more than US$1.7 billion. In December, import volume rose by 3 per cent from the previous month to 262,273 cu m, though this was 5 per cent lower than in the previous December,” stated the International Tropical Timber Organisation (ITTO) in its Tropical Timber Market Report (February 1-15, 2025), quoting data from the US Department of Agriculture’s Foreign Trade division.
In 2024, Indonesia increased its hardwood plywood exports to the US by 24 per cent to 725,995 cu m, while Vietnam closely followed with shipments totalling 725,728 cu m, reflecting a 44 per cent year-on-year increase.
Year-on-year, Cambodia recorded a nine per cent increase in exports to 136,848 cu m, whereas Russia saw a four per cent decline, with exports falling to 189,742 cu m.
While Malaysia achieved strong gains in plywood exports to the US, its sawn tropical hardwood exports to the US plunged by 36 per cent to 16,904 cu m in 2024 compared to 2023.
“US imports of sawn tropical hardwood fell by 7 per cent in 2024 compared to the previous year. The total import volume of 179,542 cu m was significantly lower than the 193,567 cu m recorded in 2023.
“Imports from two of the US’ top trade partners, Indonesia and Malaysia, declined by 9 per cent and 36 per cent, respectively, while imports from Brazil, the No 1 trading partner in both 2023 and 2024, rose by 5 per cent,” the ITTO report stated.
Year-on-year, imports of Sapelli, the most imported sawn tropical hardwood, declined by 21 per cent, while imports of Keruing fell by 47 per cent. However, imports of Ipe increased by 17 per cent in 2024, surpassing Keruing as the second most imported species by volume.
Canadian imports of sawn tropical hardwood climbed by 28 per cent in 2024 compared to 2023, with shipments from top supplier Cameroon surging by 46 per cent and imports from Brazil rising by 54 per cent year-on-year.
Regarding tropical hardwood veneer, after a sharp downturn in November 2024, US imports rebounded in December, nearly doubling from the previous month’s total. However, total imports for 2024 ended the year down 17 per cent from 2023.
“Imports from Italy were particularly weak in 2024, dropping 77 per cent from 2023, while imports from Cameroon, the top trading partner for veneer, declined by 11 per cent. Cote d’Ivoire was the exception, recording an 18 per cent increase, while imports from all other major trading countries fell by at least 10 per cent. Although imports of tropical hardwood veneer surged by 99 per cent in December compared to the previous month, they still fell 6 per cent short of December 2023 levels.”
Meanwhile, the US increased its import value of assembled flooring panels by 32 per cent to approximately US$340.72 million in 2024 compared to 2023, with shipments from top trading partners showing significant growth.
“Imports from Canada, the top trading partner, rose by 34 per cent to US$69.5 million, while imports from Vietnam surged by 44 per cent to US$69.2 million. Thailand recorded the largest increase, vaulting by 92 per cent to US$50.23 million.
“Imports from Indonesia fell by 10 per cent to US$20.78 million, while imports from Brazil declined by 29 per cent to US$826,701. Total imports of assembled flooring panels exceeded US$340.7 million in 2024. In December, imports fell by 3 per cent but were still 7 per cent higher than in December 2023,” the report stated.
Year-on-year, US imports of hardwood flooring declined by 12 per cent in 2024, with shipments from Indonesia plummeting by 34 per cent and shipments from Malaysia sliding by 29 per cent. In contrast, imports from Brazil soared by 84 per cent year-on-year, surpassing Indonesia to become the No 1 trade partner for hardwood flooring.
The US spent US$71 million on flooring imports last year, after surpassing US$80 million in 2023. In December, imports slumped by 39 per cent from November and were 22 per cent lower than in December 2023.
Regarding hardwood mouldings, US imports jumped by 29 per cent in 2024, driven by significant gains from newer trade partners. Imports from traditionally top-supplying nations made modest gains, including a 15 per cent increase from Canada and a 7 per cent rise from Malaysia.
However, most of the growth in imports came from countries that were not significant players in the market five years ago, such as Vietnam, Cambodia, and Lithuania.
Based on official statistics, the US spent more than US$163 million on hardwood moulding imports in 2024. In December, imports were 40 per cent higher than a year ago, following six consecutive months of growth.
Last year, US imports of wooden furniture rose by 7 per cent to US$21.2 billion, though this remained well below the record US$25 billion recorded in 2022. Shipments from top supplier Vietnam saw solid growth of 21 per cent, reaching US$8.89 billion, while imports from Malaysia increased by 8 per cent to US$1.1 billion. Indonesia followed Malaysia, exporting US$840.5 million worth of wooden furniture to the US.
Year-on-year, shipments from Canada slipped by 5 per cent to US$1.57 billion, while imports from Mexico declined by 6 per cent to US$1.59 billion.
New US residential furniture orders fell by 9 per cent in November 2024 compared to November 2023, according to the January issue of Furniture Insights. This decline followed a relatively stable October and marked a return to the downward trend observed between May and September. Approximately 40 per cent of survey participants reported increased orders in November 2024 compared to the same month in 2023.
