Cambodia’s clothing exports may decline
It is estimated that Cambodia’s clothing exports will decrease in the first half of 2023, and footwear orders may fall by as much as 30%.
Ken Loo, secretary-general of the Textile, Clothing, Footwear and Travel Products Association of Cambodia (TAFTAC), said in an interview with “Khmer Times” that because of the Exports to the EU and the United States “have not improved”, causing exports to continue to decline in the first half of 2023.
Note: TAFTAC was formerly known as the Garment Manufacturers Association of Cambodia (GMAC).
He believes that the main reason is that the Russia-Ukraine war triggered inflation, which in turn pushed up the prices of consumer goods and footwear, eroding the income of people in some countries.
LyKhunThai, chairman of the Cambodian Footwear Association, added that compared with the first half of 2022, footwear orders in 2023 are expected to decline by about 30%, which may lead to Most factories are reducing employee hours or suspending operations.
According to recent data released by the General Department of Customs and ExciseofCambodia, Cambodia’s footwear exports increased by 28% to US$1.5 billion in the first 11 months of 2022; clothing exports grew 24% to $2.4 billion.
At the end of last year, the Asian Development Bank (ADB) approved a US$50 million policy loan to assist the Cambodian government in diversifying the country’s economy and enhancing its global competitiveness.
This amount will support the country’s following actions to promote Cambodia’s economic recovery after the epidemic: government reform, improvement of investment and business environment; promotion of micro, small and and the development of medium-sized enterprises (MSMEs); improving trade policies and trade facilitation.
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