PHNOM PENH: The good progress of Cambodia’s garment, footwear and travel (GTF) exports is a significant positive sign of the Cambodian economy, social stability and decent work standards environment, said key insiders.
The latest trade data from the General Department of Customs and Excise of Cambodia (GDCE) showed that GFT exports earned US$13.74 billion in 2024, up 23.78 percent from the same period last year.
Mr. Kaing Monica, Deputy Secretary General of Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC), attributed Cambodia’s export growth in 2024 to many contributing factors, including external factors such as China’s trade tensions with the United States and problems in Myanmar and Bangladesh, which helped encourage foreign countries to place more orders from Cambodia, while the Kingdom is a country that is experiencing political stability and has a high level of labour compliance.
“Based on the fruitful results of the export, the GTF exports will continue to increase, which will continue to be a key factor in boosting Cambodia’s economy to a better level,” he said.
Senior economist Mr. Ky Sereyvath, Director General of the Institute of China Studies at the Royal Academy of Cambodia, echoed the remarks, stressing that the shift away from the garment sector in some countries in the region have pushed Cambodia’s GFT exports to increase significantly throughout 2024.
“The garment, footwear and travel sector in Cambodia is resilient and continues to be strong because of the favourable investment climate and employment environment in Cambodia,” he said.
The GFT industry is the largest foreign exchange earner for Cambodia. Through the introduction of the Cambodian Garment, Footwear and Travel Goods Sector Development Strategy 2022-2027, as well as efforts to reform public services and reduce the cost of doing business, Cambodia has maintained investment growth in the sector.