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Wednesday, June 19, 2024

Cambodia’s textile-garment exports skyrocket by 22% in 2024

In the initial five months of this year, Cambodia saw a notable surge in exports, particularly in garments, footwear, and travel goods (GFT), reaching $4.969 billion, marking a 20 percent increase compared to the previous year, as reported by the commerce ministry.

Apparel and textiles exports specifically accounted for $3.628 billion during this period, demonstrating a 22 percent year-on-year rise, according to a ministry report.

The GFT sector, comprising approximately 1,680 factories and branches, is a significant employer, engaging nearly 918,000 workers, predominantly female, according to the ministry of labour and vocational training.

Data indicates a substantial increase in the country’s foreign trade from January to May, with a 12 percent year-on-year growth, resulting in a total trade volume surpassing $21.6 billion compared to $19.2 billion in the same period last year.

During this timeframe, Cambodia exported goods valued at $10.18 billion, marking a 10.8 percent year-on-year increase, while imports amounted to $11.4 billion, reflecting a 13.6 percent year-on-year rise.

According to recent statements by the World Bank, Cambodia’s economic growth is anticipated to moderately improve to 5.8 percent this year, up from 5.6 percent in 2023, and is expected to further strengthen to 6.1 percent in 2025 and 6.4 percent in 2026, driven by the resurgence in GFT exports and tourism, fueling the ongoing economic recovery.

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