- Pages: 2
- Word count: 309
- Category: Industry
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Malaysia’s has a strong position in the global furniture industry, with large markets in US, Japan and Australia. Ranking the 10th largest exporter of furniture in the world, Malaysia exports around 80% of its production. Malaysia has always been known for its wood based furniture, owing to its natural resources. The government has set an annual growth target of 6.5% for wood based furniture, estimated to reach up to 53 billion by year 2020. In recent years, the growth has shifted from producing general products towards designing its own, and this has been key in propelling Malaysia onto the international arena. Popular with overseas buyers of the middle to high category, foreign buyers look to Malaysia for manufacturers who can meet their high production demand. Despite numerous economic downturns, the industry is still supported by a strong global demand.
While lower priced Chinese and Vietnamese furniture pose strong competition, Malaysian furniture continues to set itself apart with original design that places importance on aesthetics as well as its good work ethics. With a business-friendly environment, good quality products and a high potential market, the Malaysian furniture industry is poised to exceed expectations and to continue its exponential growth. XYZ Company is a well established furniture manufacturing company in Malaysia which has more than 25 years business experience in this field, and has been exporting finished furniture into Singapore market for last ten years; which is success remark. Base on their global market expansion program, the company is planning to enter into Sri Lankan market soon. Before enter into Sri Lankan market company should have a sound knowledge on social, economical and political situation of the Sri Lankan market context and should alert on consumer behavior and customer preferences changes. Accordingly, the company needs to conduct a comprehensive market environment analysis and select appropriate market entry strategy.