Textile exports up in ‘24, account for half of total trade
Textile exports up in ‘24, account for half of total trade
Cambodia’s revenue from international sales of garment, footwear and travel goods (GFT) soared in January, representing almost half of the country’s total exports for the month, as reported by the General Department of Customs and Excise of (GDCE).
Exports of goods categorised under Harmonised System (HS) codes 61, 62, 63, 64 and 42, encompassing various articles of apparel and clothing accessories (both knitted and non-knitted), footwear, gaiters, leather and fur goods, as well as some processed textiles, reached $966.98 million.
This marked a 21.64% rise from the $794.95 million recorded in January 2023, accounting for 49.16% of Cambodia’s total export value of $1.967 million for the period.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, told The Post that after a period of decline in 2022 and 2023, the country’s export of domestically produced goods, particularly textiles, saw a notable increase across almost every commodity.
He attributed the growth to the global economic recovery towards the end of 2023 and a decrease in the stock levels of textile products at overseas companies.
Heng said the revitalisation of global tourism also played an important role in boosting the demand for GFT products.
“The sharp downturn in early 2023, coupled with the dwindling inventory levels of international buyers, has paved the way for a remarkable resurgence in exports at the start of 2024. These products are closely linked to tourism; thus, a vibrant tourism sector will naturally drive their demand,” he explained.
Ly Khun Thai, president of the Confederation of Cambodia Investors Association (CCIA) and chairman of the Cambodian Footwear Association (CFA), noted that although orders for textile products decreased considerably in the latter half of 2022 and the first half of 2023, the situation has been improving since late 2023.
He believes that the easing of geopolitical tensions among superpowers and the resurgence of global travel after over three years of stagnation due to the Covid-19 crisis have contributed to the rise in the country’s export value.
Khun Thai confidently stated that in 2024, the export value of Cambodian textile products is expected to surpass that of 2023, expressing optimism for an increase in orders.
He added that the primary markets for Cambodian GFT products include the US, EU, Japan, Canada and the UK.
Katta Orn, spokesperson for the Ministry of Labour and Vocational Training, told local media that the early 2024 boost in textile exports could be attributed to the improved global economic climate, especially in countries that are key markets for the products.
Exports of GFT-related goods totalled $11.1 billion in 2023, a decline of 13.31% from the $12.8 billion recorded in 2022, as per the GDCE.
