Veneer sheets market in Malaysia

Earlier Report Observations

The market for veneer sheets in Malaysia experienced significant volatility between 2018 and 2023. After reaching 706.7 thousand m³ in 2019, the market volume contracted sharply to 438.5 thousand m³ in 2020, a drop of over one-third. This was followed by a further decline to 377.5 thousand m³ in 2021, before a strong recovery began. Market size rebounded to 539.0 thousand m³ in 2022 and continued growing to 615.7 thousand m³ in 2023.

This trajectory was driven by parallel movements in domestic production and trade. Production fell from 573.1 thousand m³ in 2018 to a low of 259.2 thousand m³ in 2021, before recovering to 391.2 thousand m³ in 2023. Imports also dropped markedly in 2020 but showed resilience, growing to 264.2 thousand m³ by 2023. Exports declined steadily over the period, from 183.3 thousand m³ in 2018 to 39.7 thousand m³ in 2023, which helped support the domestic market size during the recovery phase.

In the subsequent years, trade flows continued to fluctuate. Imports fell to 132.2 thousand m³ in 2024 before partially recovering to 170.8 thousand m³ in 2025. Exports saw a temporary increase in 2024 to 56.2 thousand m³, then dropped again to 30.4 thousand m³ in 2025. Without full production data for these years, the overall market volume after 2023 cannot be determined, but the trade data suggests ongoing adjustments in supply chains.

Production veneer sheets in Malaysia

In kind, 2018-2021, K m³

Malaysia ranked 10th globally in veneer sheets production from 2018 to 2021.

Top producers of veneer sheets, 2018-2021

World map of production of veneer sheets, 2018-2021

Malaysia's veneer sheets production declined for the third consecutive year. In 2021, the country produced 259.2 K m³ of veneer sheets, marking a significant drop of 16.5% compared to 2020. Between 2018 and 2021, production decreased by 54.8%, which translates to an annualized decline rate of 23.2%.

Annual dynamics of production in Malaysia in kind, 2018-2021, K m³

In value, 2018-2021, M $ US

Veneer sheets production in Malaysia fell for the third year in a row. In 2021, the output was valued at 90.4 M $ US, representing a sharp decline of 21.9% from 2020. From 2018 to 2021, production dropped by 61.7%, equating to an annualized rate of 27.4%.

Annual dynamics of production in Malaysia in value, 2018-2021, M $ US

Exports veneer sheets from Malaysia

Exports in kind, K m³

After two years of decline, Malaysia's veneer sheets exports to foreign markets increased in 2021. Exports reached 63.1 K m³, showing a moderate uptick of 4.5% compared to 2020. Over the 2018-2021 period, exports decreased by 65.6%, with a compound annual growth rate (CAGR) of -29.9%. The lowest volume was recorded in 2020 at 60.4 K m³, while the largest decline occurred in 2020 with a drop of 46.0%.

Annual dynamics of product's exports from Malaysia in kind, 2018-2021, K m³

From 2018 to 2021, the key partners for Malaysia's veneer sheets exports in volume terms were Asia, not elsewhere specified (31.7% of exports), South Korea (22.2%), and China (21.0%). Together, these three accounted for 74.9% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Malaysia in kind, 2018-2021

Exports in value, M $ US

Malaysia's cross-border shipments of veneer sheets declined for the third consecutive year. In 2021, exports were valued at 22.0 M $ US, indicating a fall of 2.2% from 2020. Between 2018 and 2021, exports decreased by 70.8%, with a CAGR of -33.7%.

Annual dynamics of product's exports from Malaysia in value, 2018-2021, M $ US

Throughout 2018-2021, the main partners for Malaysia's veneer sheets exports in value terms were Asia, not elsewhere specified (27.0% of exports), South Korea (22.8%), and Japan (13.4%). Collectively, they represented 63.3% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Malaysia in value, 2018-2021

Imports veneer sheets to Malaysia

Imports in kind, K m³

Malaysia's veneer sheets imports declined for the second consecutive year. In 2021, import volume stood at 181.4 K m³, down by 3.7% from the previous year. Over the 2018-2021 period, imports decreased by 39.7%, with a CAGR of -15.5%. The highest volume was recorded in 2019 at 345.7 K m³, while the largest decline occurred in 2020 with a drop of 45.5%. The largest increase was seen in 2019, with a rise of 14.9%.

Annual dynamics of product's imports to Malaysia in kind, 2018-2021, K m³

From 2018 to 2021, Brazil (28.9% of imports in volume), China (22.5%), and Australia (15.6%) were the leading suppliers of veneer sheets to Malaysia. Together, they accounted for 67.0% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Malaysia in kind, 2018-2021

Imports in value, M $ US

After two years of decline, Malaysia's veneer sheets imports increased in 2021. Imports amounted to 94.8 M $ US, which is 5.0% higher than the previous year. Between 2018 and 2021, imports decreased by 22.8%, equating to an annualized rate of 8.3%. The lowest value was recorded in 2020 at 90.3 M $ US, while the largest decline occurred in 2019 with a drop of 15.5%.

Annual dynamics of product's imports to Malaysia in value, 2018-2021, M $ US

In 2018-2021, China (35.0% of imports in value terms), Brazil (19.4%), and Australia (14.5%) continued to be the main suppliers of veneer sheets to Malaysia. Jointly, they formed 68.9% of total imports in value terms.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Malaysia in value, 2018-2021