New figures of Combodia apparel showed that, it recorded an 18.5% growth, which is US$7.75bn in apparel exports From January to October of this year.
Also, representing an increase on $6.54bn a year earlier, the General Department of Customs and Excise for Cambodia under the Ministry of Economy and Finance said.
The export figure represents around 41.3% of Cambodia’s total foreign income of $18.75bn for the period.
In the same period, non-knitted apparel and clothing accessories increased 25.1% to $2.23bn as compared to $1.79bn in the previous year. Meanwhile, Knitted apparel saw growth of 16% to $5.51bn from $4.75bn last year.
Though in October, exports were down due to slow demand from global markets. Exports of knitted apparel and clothing accessories dropped 24.2% to $403.5mn from $532.3mn, while non-knitted apparel and clothing exports dropped 4.3% to $169mn from $177mn last year.
According to Cambodia’s General Department of Customs and Excise, the country’s exports in garments, footwear and travel goods increased by 15.2% in 2021, year-on-year, to reach $11.38bn.
Meanwhile, The Council for the Development of Cambodia (CDC) approved project investments for the country’s apparel and accessories sector worth US$11.3mn in Kampong Speu and Kandal provinces, respectively. The projects are expected to generate about 4,054 job opportunities.
Ken Loo, secretary general of the Garment Manufacturers Association in Cambodia (GMAC ) said, “The country’s garment industry still holds competitive advantages over other regional outsourcing centres.”
Accordingly, The Cambodian industry has played a smart game in diversifying its markets, for instance by leaning into opportunities such as the US’s inclusion of travel goods in its Generalized System of Preferences (GSP) special trade access. For this, Cambodia’s exports to the US by 64.7% to $7.07bn in H1 2022, year-on-year.