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Friday, May 24, 2024

Cambodian garment exports decrease 12.86% in 2023

Imported garments from Cambodia declined to US $7.86 billion in 2023, down 12.86 percent compared to $9.02 billion in 2022.

Within clothing overseas shipments, knitted apparel exports stood at $5.47 billion in 2023, dropping by 14 percent against $6.36 billion in the previous year.

However, woven garment exports fell slower at 10.4 percent to $2.39 billion in the reporting year from $2.66 billion in 2022.

According to experts, the fall in clothing overseas shipments that had begun in the second half of 2022 continued into 2023, even though other export sectors reported growth.

Experts attributed the decrease in apparel exports to the slowdown in demand from Cambodia’s leading EU and US export markets.

“Consumers in those regions and countries tightened their purses due to the high inflation, due to which they reduced spending on non-essential items like clothing,” the experts averred.

Cambodian exports grew 1.8 percent to $22.64 billion in 2023 versus $22.25 billion in 2022.

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