KUALA LUMPUR: US furniture wholesaler Top-Line Furniture Corporation has expressed its intention to increase its imports from Malaysia over the next few years to RM230 million per year.
In a statement today, the Malaysia External Trade Development Corporation (MATRADE) said the Chicago-based company has been sourcing home furniture from Malaysia since 2000, with total imports amounting to approximately RM840 million to date.
“Top-Line currently operates three distribution locations across the US spanning multiple channels, including wholesalers, online retailers, and direct-to-consumer platforms.
“The company is among major US importers that have been importing from Malaysia for many years,” it said.
MATRADE said the commitment from Top-Line was mooted during a one-to-one business meeting with the Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz in New York City that it organised
“New products sourcing from Malaysia will create an opportunity for the company to import RM230 million yearly of Malaysian-made furniture in the next few years.
“The increase in sourcing will not only benefit the furniture manufacturers but also benefit the supply chain players among the micro, small, and medium enterprises (MSMEs) like suppliers of components and parts (bolts and nuts), which leads to an increase in employment too,” it said.
The US Furniture Market: Insights & Forecast with Potential Impact of Covid-19 (2022-2026) report said that the US furniture market is expected to reach a value of US$288.9 billion (RM1.35 trillion) by 2026, with a compound annual growth rate (CAGR) of 4.47 per cent from 2022-2026.
MATRADE said that Malaysia exported RM13.86 billion of furniture globally in 2022, with the US being its top export destination at RM7.24 billion or 52.2 per cent of the nation’s total furniture exports last year.
“Malaysia was the US sixth-largest source of imported furniture in 2022, accounting for 2.78 per cent of the US total furniture and bedding import value,” it added. – BERNAMA
