Malaysia's furniture exports slump on slow US housing demand

TheStar Fri, Jul 07, 2023 10:24am - 9 months View Original


KUALA LUMPUR: The outlook for the Malaysian furniture market remains bleak as the sector's largest export destination, the US, continues to experience housing issues.

Hong Leong Investment Bank (HLIB) Research, which has a "neutral" call on the sector, said US home prices remain elevated despite falling demand and a shortage of supply while high mortgage payments make housing unaffordable for prospective homebuyers.

According to the research firm, the US housing market began to cool following the start of the Federal Reserve's interest rate hikes in 2022 as elevated mortgage payments began to rise.

However, the decreased demand has not negatively affected home values, which remain elevated relative to pre-pandemic levels.

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