Exports of non-garment products surge

Exports of non-garment products surge

The principal markets for non-garment products are the EU, the US, Japan, Korea and Thailand.

Cambodia is experiencing a notable and sustained increase in the export of non-garment manufacturing products, a strong indicator of the Kingdom’s successful economic diversification strategy.

The non-garment manufacturing products include electronic components, auto parts, bicycles, car tyres, and other industrial products.

Data from the Ministry of Commerce showed on Tuesday that the exports of non-garment manufacturing products, such as bicycle, electric goods and parts, solar, electric cable and wires, vehicle parts, bicycle parts, and car tyres rose by 7 percent to a combined $1,473 million in the first semester of this year, increasing from $1,376 in the same period last year.

Breaking down, the export of electronic goods and parts amounted to $287 million between January to June of this year, up 44 percent over the last year.

Electric cable and wire exports rose by 83 percent to $232 million during the above-mentioned period.

Exports of bicycle and bicycle parts rose by 46 percent and 129 percent to $248 million and 25 million, respectively.

Exports of vehicle parts amounted to $117, up 8 percent and exports of car tyres amounted to $560 million, with a growth rate of 81 percent.

The export of solar, however, dipped by 99 percent to $4 million, decreasing from $412 million in the same period last year.

The non-garment products are mostly produced by factories in special economic zones. The main markets for non-garment products are the EU, the US, Japan, Korea and Thailand.

Penn Sovicheat, Secretary of State and spokesman at the Ministry of Commerce, said that diversification is not only strengthening Cambodia’s export base but is also creating a wider range of skilled labour opportunities for its workforce.

“While the garment industry remains vital, the rise of other manufacturing sectors highlights our progress toward a more robust and sustainable economic future,” Sovicheat said in a recent business forum held in Phnom Penh.

The non-garment sector’s growing share of exports includes a variety of products, such as electronic components, auto parts, and other industrial goods, he said.

Figures from the Council for the Development of Cambodia showed that in the first half of this year, Cambodia received 373 new investment projects with a total capital of $5.8 billion.

The projects span key sectors such as manufacturing, renewable energy, infrastructure, tourism, agriculture, and agro-industry, the report stated.

These developments reflect a positive economic outlook for Cambodia as it continues to attract significant foreign and domestic investments, positioning itself as a key player in the region’s growth.

khmertimeskh