A report from the Ministry of Economy and Finance’s General Department of Customs and Excise reveals Cambodia exported more than $7.97 billion worth of garment, textile and footwear (GTF) products in the first nine months of this year registering an increase of 13.18 per cent. The US accounted for $2.5 billion of these exports and the EU $2.4 billion – with $670 million going to the UK, Japan $711 million, Asean member states $121 million and other countries $1.5 billion.
Last year, the Cambodian government had announced those wishing to export their goods to the EU under the Everything But Arms (EBA) agreement are required to register in the EU’s Registered Exporter System (REX) to self-certify the Statement on Origin of their goods instead of applying for a Certificate of Origin.
Despite ongoing Sino-US trade tensions and facing a possible suspension of its access to the EU’s EBA agreement, Cambodia’s economic activity will remain strong with real gross domestic product growth expected at around seven per cent this year.
This is owing to continued export growth and strong construction activity. Inflation is expected to remain stable at around 2.5 per cent. The country’s stable macroeconomic environment, strong growth performance and ongoing structural reforms have contributed to its significant progress towards achieving Sustainable Development Goals. According to National Bank of Cambodia’s 2018 report, the Kingdom’s garment and footwear exports during the year increased by 24 per cent to $10 billion.