Cambodia’s exports of garments, footwear and travel goods (GFT) declined by 13.31 per cent to $11.09 billion in 2023 amidst global challenges, from $12.80 billion earned in 2022, leading to many factories suspending their workers.
Within the GFT sector, Camboda’s exports of knitted garments declined by 14 per cent to $5.47 billion, compared to $6.36 billion earned in 2022. Exports of woven apparels declined by 10.4 per cent Y-o-Y to $2.39 billion from $2.66 earned in 2022.
In other made-up textile articles and worn clothing category, Cambodia’s exports earnings declined to $155.5 million in 2023, compared to $169 million in 2022.
Massimiliano Tropeano, Sustainability and Garment Expert, European Chamber of Commerce in Cambodia (EuroCham), said, Cambodia needs to diversify its exports away from garments as the sector is fast losing competitiveness.
A progressive regulation and tariff on installing solar panels will enable the sector to be far more competitive and hire more workers and earn more revenues for the country, he added.
