PHNOM PENH: The Cambodian garment, footwear, and travel goods industry exported US$6.27 billion worth of products in the first 7 months of 2023, a decline from the US$7.89 billion exported during the same period last year.
The decline in exports is believed in attributed to a number of factors, including the ongoing COVID-19 pandemic, the Russia-Ukraine war, and rising inflation. However, the industry is still expected to grow in the coming years, as Cambodia remains a competitive destination for garment manufacturing.
Among the factories, there are 802 garment factories, 140 shoe factories, and 134 travel goods factories. The sector is the largest foreign exchange earner for Cambodia, employing approximately 800,000 workers, mostly female. The monthly minimum wage for the sector is US$200 in 2023, up from US$194 in 2022.
The figure reported in a meeting on Wednesday, the National Council on Minimum Wage began to discuss the annual increase of monthly minimum wage for the garment, footwear, and travel goods industry for 2024.
In the meeting, the first of a series of meetings, the trio parties presented key statistical updates on socio-economic criteria to form the basis for the minimum wage talks as well as input such as current inflation, competition, and market situation from the representatives of employers and employees.
