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Garment exports by Cambodia surge 11.40% to $8,2417 billion

  

Cambodia’s garment exports surged by 11.40 per cent to $8.2417 billion during January-September 202 as against the same period last year, shows data by the General Department of Customs and Excise.

As per Garment Manufacturers Association in Cambodia, garment sector in the country managed to avoid sliding into negative territory despite COVID. The sector has been gaining market share due to the unprecedented challenges arising from political issues and COVID-19 ramifications of competing countries, says a report by the The Phnom Penh.

Hong Vanak, Director, International Economics, Royal Academy of Cambodia, says, the rise in garment exports bodes well for economic activity in the Kingdom, as other countries reel under the severe conditions wrought by COVID-19.

He said the government is also striving to streamline the local investment and business environment to instill confidence among businesspeople and investors amid expanding market access to a range of countries.

It has signed new FTAs with China, South Korea and other markets to make Cambodia, a better investment destination, he underlined.

In 2020, Cambodia’s garment exports plunged by 10.44 per cent to $9.50171 billion as against $10.60986 billion in 2019, according to the Ministry of Commerce.

 
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