Cambodia’s GFT Exports Surge by 20% in First Five Months of 2024
Garments, Footwear, and Travel Goods Drive Economic Growth
Cambodia's exports of garments, footwear, and travel goods (GFT) experienced a robust increase in the first five months of 2024, reaching a total of US 4.9 billion dollars, marking a 20 percent rise from 4.1 billion dollars during the same period in 2023, the Ministry of Commerce reported.
The detailed report highlighted that the apparel and textile sector alone contributed 3.6 billion dollars from January to May this year, showing a significant growth of 22 percent from 2.9 billion dollars in the previous year. Meanwhile, footwear exports increased by 10 percent to 615 million dollars, and travel goods soared by 18.8 percent to 726 million dollars.
Penn Sovicheat, Secretary of State and spokesperson at the Ministry of Commerce, credited the surge to heightened global demand for apparel and textiles. "This growth in GFT exports reflects the international market's recognition of the high quality of Cambodian products," he stated.
The GFT sector remains Cambodia’s principal source of foreign exchange earnings and is pivotal to the nation's economic health.
The robust performance of the sector is in line with the World Bank’s recent projections, which positioned the GFT industry as a crucial element in fueling Cambodia’s economic growth for 2024. The World Bank forecasts a 5.8 percent growth rate for the Cambodian economy this year, supported strongly by a resurgence in GFT exports and the ongoing robustness of agricultural exports.
Currently, the GFT sector encompasses approximately 1,680 factories and branches, employing about 918,000 workers, the majority of whom are women, as per the Ministry of Labor and Vocational Training.
The detailed report highlighted that the apparel and textile sector alone contributed 3.6 billion dollars from January to May this year, showing a significant growth of 22 percent from 2.9 billion dollars in the previous year. Meanwhile, footwear exports increased by 10 percent to 615 million dollars, and travel goods soared by 18.8 percent to 726 million dollars.
Penn Sovicheat, Secretary of State and spokesperson at the Ministry of Commerce, credited the surge to heightened global demand for apparel and textiles. "This growth in GFT exports reflects the international market's recognition of the high quality of Cambodian products," he stated.
The GFT sector remains Cambodia’s principal source of foreign exchange earnings and is pivotal to the nation's economic health.
The robust performance of the sector is in line with the World Bank’s recent projections, which positioned the GFT industry as a crucial element in fueling Cambodia’s economic growth for 2024. The World Bank forecasts a 5.8 percent growth rate for the Cambodian economy this year, supported strongly by a resurgence in GFT exports and the ongoing robustness of agricultural exports.
Currently, the GFT sector encompasses approximately 1,680 factories and branches, employing about 918,000 workers, the majority of whom are women, as per the Ministry of Labor and Vocational Training.
Translation:
Translated by AI
