KUALA LUMPUR, MALAYSIA : The weakening of the ringgit has impacted the furniture industry, with gains and losses in exports and imports, according to the Malaysian Furniture Council (MFC). Its president Chua Chun Chai said the weak ringgit has delighted exporters as their business is done mainly in the US dollar reported Business Times.
“However, the weakening ringgit has proven to be a disadvantage for furniture importers,” Chua said. The currency has weakened 10 per cent since June and reached a low of 3.5862 on January 7, according to data compiled by Bloomberg.
From January to October in 2014, Malaysian furniture exports amounted to RM6.6 billion, an increase of 10 percent from the same period in 2013.
Export growth is anticipated to surpass 10 per cent this year due to the weaker ringgit.
Malaysia exported RM7.4 billion worth of furniture in total in 2013. The United States, Japan, Australia, Singapore and the United Kingdom were the top buyers.
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