Logo of Phnom Penh Post newspaper Phnom Penh Post - GFT exports increase 0.9% to $4.7B in first six months

GFT exports increase 0.9% to $4.7B in first six months

Content image - Phnom Penh Post
The Kingdom exported $4.7 billion worth of garments, footwear, travel products (GFT) and other finished textile goods in the first half of 2021, up 0.9 per cent year-on-year. POST STAFF

GFT exports increase 0.9% to $4.7B in first six months

The Kingdom exported $4.7214 billion worth of garments, footwear, travel products (GFT) and other finished textile goods in the first half of 2021, up 0.9 per cent year-on-year from $4.6813 billion, according to the General Department of Customs and Excise of Cambodia.

Garment Manufacturers Association in Cambodia secretary-general Ken Loo told The Post that the textile and apparel market is an ever-growing market buoyed by booming population growth and increasing per-capita wealth.

Of note, he said, the retail market has driven a change from a mass production system, to what he called a “small batch, short life-cycle, fast fashion” set-up, through consumer pressure, influence from the burgeoning online shopping culture, and more recently, the Covid-19 pandemic.

“This year we are lucky to receive some orders shifted from Myanmar. We should have grown bigger if there hadn’t been a February 20 community outbreak,” Loo said.

Cambodia Chamber of Commerce vice-president Lim Heng noted that the political crisis in Myanmar and the escalating Covid-19 situation in Bangladesh have led to a significant rise in orders, as buyers flock to the Kingdom.

Myanmar and Bangladesh are among the Kingdom’s most direct competitors in garments, he noted.

“The growth of garment exports has gained traction, especially to the EU, US and UK. I believe that the garment sector will continue to do well for Cambodia moving forward,” Heng said.

China is one of Cambodia’s main sources of raw materials for garments and footwear, accounting for 60 per cent of domestic supply.

In a recent interview with Bayon Television (BTV), Chinese ambassador to Cambodia Wang Wentian highlighted China’s role in the Kingdom’s economic recovery from Covid-19.

Wang remarked that the Kingdom has struggled to secure a steady supply of raw materials for its garment and textile sector.

“The Chinese side is pleased to continue to strengthen practical cooperation with Cambodia in all areas to help revive its economy,” he said.

In 2020, the Kingdom’s exports reached $17.21537 billion, up 16.72 per cent year-on-year from $14.74874 billion, and imports stood at $18.59048 billion, down 7.84 per cent year-on-year from $20.17181 billion, the Ministry of Commerce said in its 2020 annual performance report.

The total value of Cambodian international trade rose by just 2.54 per cent over 2019 to $35.80585 billion, and the trade deficit narrowed 74.64 per cent to $1.37511 billion in 2020, from $5.42307 billion in the previous year.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro