Cambodia sees 20 pct rise in export of garments, footwear, and travel goods in first five months
Cambodia sees 20 pct rise in export of garments, footwear, and travel goods in first five months
Cambodia exported $4.969 billion worth of garments, footwear and travel goods (GFTs) in the first five months of 2024, up 20 percent from $4,129 million over the same period last year, said a Ministry of Commerce’s report released on Sunday.
The report said apparel and textiles accounted for $3.628 billion during the January-May period this year, up 22 percent from $2.960 billion during the same period last year.
The report added that footwear represented $615 million, up 10 percent from $558 million, while travel goods absorbed $726 million, up 18.8 percent from $611 million.
The World Bank, in its economic update, has identified the GFT sector as a key driver of Cambodia’s economic growth, with a predicted growth rate of 5.8% this year, reinforcing the sector’s pivotal role in the country’s economy.
“Exports of garments, travel goods, and footwear rebounded, while non-garment exports, especially of agricultural commodities, remained resilient,” the World Bank said.
The GFT industry is the largest foreign exchange earner in Southeast Asian countries.
The sector currently consists of around 1,680 factories and branches, employing approximately 918,000 workers, mostly female, according to the Ministry of Labour and Vocational Training.
