Strong Demand Fuels Cambodia’s GFT Exports Hit $4.9 Billion

PHNOM PENH: Cambodia's garment, , and travel goods (GFT) sector is experiencing a surge, with exports reaching a staggering US$4.9 billion in the first five months of 2024. This impressive figure marks a significant 20% increase compared to the US$4.1 billion recorded during the same period in 2023, according to a report from the Ministry of Commerce.

H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, attributes this growth to a rise in global demand for apparel and textiles. “The growth in GFT is a positive sign,” he said. “This GFT industry has received purchase orders, showing the quality of our products which meets the demand in the foreign market.”

This positive trend aligns with predictions made by the World Bank, which has recently highlighted the GFT sector as a key driver of Cambodia's economic expansion in 2024. The World Bank anticipates Cambodia's economy to grow by 5.8 percent, with a significant contribution coming from the rebound of GFT exports alongside continued resilience in agricultural exports.

The garment, footwear and travel goods industry remains the Kingdom's largest foreign exchange earner. The sector currently boasts around 1,680 factories and branches, employing a substantial workforce of approximately 918,000, primarily women, according to the Ministry of Labour and Vocational Training.

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