KUALA LUMPUR: The Plantation and Commodities Ministry is bullish about the timber sector's prospect and has targeted its exports to reach RM28 billion by 2030.
The sector saw a decline over the past two years, with the export of timber and timber products coming in at RM21.9 billion in 2022 and RM21.8 billion last year.
"The drop in exports is due to several reasons, one of which is the uncertain economic situation in the United States that led to reduced demand," said Minister Datuk Seri Johari Abdul Ghani after the excellent service award (APC 2023) ceremony by the Malaysian Timber Industry Board (MTIB) yesterday.
"The other reasons affecting our exports last year were rising geopolitical tensions, trade protectionism by importing countries, negative perceptions, and stiffer competition."
Last month, he was quoted as saying Malaysia's timber exports were expected to rebound this year, supported by demand recovery in the US market.
The US is the largest buyer of Malaysian furniture, accounting for more than half of the exports.
Meanwhile, a total of 36 MTIB personnel received the excellent service award for their contributions to the industry.
Johari also launched MTIB's Cyber Security Policy to replace the Information and Communications Technology Security Policy that has been in place since 2007.
The policy outlines regulations and explains the roles of all parties involved, in line with the needs of information security management in the digital space.
Commenting on the policy, Johari said it served to ensure efficient cybersecurity management.
"Cybersecurity is crucial because every agency, including MTIB, has a comprehensive database to determine cess, duties and taxes.
"So if we don't have strong cybersecurity, it can disrupt the operations of any company or agency when data is hacked."
"Therefore, companies like MTIB, Malaysian Palm Oil Board and Rubber Industry Smallholders Development Authority must ensure their cybersecurity is top-notch. Data breaches can severely disrupt the operations of these agencies," he added.