Logo of Phnom Penh Post newspaper Phnom Penh Post - Garment, textile, footwear exports nearly $8B in Q1-Q3

Garment, textile, footwear exports nearly $8B in Q1-Q3

Content image - Phnom Penh Post
Cambodia exported more than $7.97 billion worth of garment, textile and footwear products in the first nine months of this year. POST PIX

Garment, textile, footwear exports nearly $8B in Q1-Q3

Cambodia exported more than $7.97 billion worth of garment, textile and footwear (GTF) products in the first nine months of this year, up 13.18 per cent year-on-year from $7.044 billion, a report from the Ministry of Economy and Finance’s General Department of Customs and Excise said.

The US accounted for $2.5 billion of the 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, the report said.

Garment Manufacturers Association in Cambodia (GMAC) secretary-general Kaing Monika told The Post on Tuesday that the Kingdom’s GTF product exports performed well in the first nine months of this year.

“I can only say that [exports] depend on many factors combined. We just need to keep working hard and smart and keep up the reforms to stay competitive,” he said.

On December 31 last year, the government announced that 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.

Monika said: “They [exporters] just have to make a declaration to the Ministry of Commerce for their exports in a one-month timeframe, and some factories failed to do so.

“Because of that, the Ministry of Commerce’s [GTF product export] data for the first six months was low and export value to the EU was wrongly seen as a drop of about six per cent.

“Worse still, the media wrongly quoted our secretary-general as saying $600 million instead of six per cent,” he said.

Cambodia Chamber of Commerce vice-president Lim Heng attributed the growth in exports to the rise in the number of investors in the sector over the last few years.

“Most of the Chinese factories that come to Cambodia help boost our exports. It’s a good sign that the country’s economy is growing fast,” he said.

Last month, an International Monetary Fund (IMF) team visited Cambodia for 12 days for discussions on the 2019 Article IV consultation, which analyses the economic developments and policies of member countries.

Despite ongoing Sino-US trade tensions and facing a possible suspension of its access to the EU’s EBA agreement, the Kingdom’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 IMF said.

“Cambodia’s economic outlook is positive, although there are significant downside risks. Stable macroeconomic environment, strong growth performance and ongoing structural reforms have contributed to significant progress towards Sustainable Development Goals,” it said.

The National Bank of Cambodia’s 2018 report said the Kingdom’s garment and footwear exports were valued at $10 billion – up 24 per cent from $8 billion in 2017.

MOST VIEWED

  • Historic Battambang town bans billboards

    The Battambang town administration informed all house and business owners in Svay Por commune to remove all billboards by August 1 as it is preparing to submit the town to UNESCO for inclusion on its historical cultural heritage list. Its July 25 notice said all signage was

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker