The Malaysia External Trade Development Corporation (MATRADE) has issued a press release on its recently organised ‘Specialised Marketing Mission’ for Malaysian furniture makers to Mumbai. The mission, which involved eight Malaysia’s furniture suppliers, has registered sales of RM 44 million (US$ 10,2 million).
The event was organised as part of MATRADE’s ‘quickwin’ measures to boost exports of Malaysian furniture products globally especially in India. The event has also provided Malaysian companies an opportunity to meet with India’s largest retailers as well as project owners in India.
India was identified as a high potential market for furniture as there is a growing middle class and an increasing expendable income which contributed to a rapid growth in India’s furniture retail. In 2014, India was the eighth largest consumer of furniture and among the top five retail markets in the world.
In the first ten months of 2015, India’s imports of furniture from Malaysia have grown 37.5 per cent to RM270.1 million (US$ 63,1 million). Malaysia was the second largest furniture exporter to India during this period after China.
This huge jump in imports was due to competitiveness of Malaysian products in India along with the increased growth of organised furniture retail.
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