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Monday, February 27, 2017

Sarawak timber firms hit by reduction in export quota

Monday, 27 February 2017
BY JACK WONG

Last year, Sarawak’s export receipt from logs and timber products slumped by 17.5% to RM5.94bil from RM7.2bil in 2015, according to newly released figures from Sarawak Timber Industry Development Corp.

KUCHING: The state authorities’ reduction in logs export quota and tigthening of timber harvesting activities, coupled with sluggish plywood market, have negatively impacted Sarawak-based timber firms’ bottom lines while slashing the state government’s foreign exchange earnings.

Last year, Sarawak’s export receipt from logs and timber products slumped by 17.5% to RM5.94bil from RM7.2bil in 2015, according to newly released figures from Sarawak Timber Industry Development Corp.

The value of exported logs fell by 21% to RM1.4bil from RM1.78bil year-on-year while that of plywood dropped by 10% to RM2.94bil from RM3.27bil.

Logs and plywood products made up 23% and 49% respectively of total export revenue in 2016. Other main exported timber products were lumber, fibreboard and veneer.

Timber companies are currently only allowed to export up to 30% of their log productions under a revised state policy which was enforced in June last year.

For many years, Sarawak had maintained logs exports up to 40% of total production but this was revised upward to 50% in 2014.

Read more at http://www.thestar.com.my/business/business-news/2017/02/27/sarawak-timber-firms-hit-by-reduction-in-export-quota/#dhtT1yQ4O94r2oWJ.99

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