Home / Knowledge / News / Apparel/Garments / Garment enterprises to explore new markets for enhancing trade
Garment enterprises to explore new markets for enhancing trade
09
Sep '08
The Cambodian Ministry of Commerce is worried after looking at the export results of the fourth quarter of 2007. The export of garment, which is the major sector for earning foreign currency, has witnessed a significant fall of almost 46 percent during this period.

The authorities are now demanding that United States, the biggest market for the nation should bring down the import tariff rates, in order to overcome this situation.

However, in the first quarter of 2008, nation shipped apparels worth around US $1.16 billion to United States, a rise of 2.2 percent when compared to same time of previous year.

Cambodia earned nearly $2.9 billion in 2007, by exporting garments, showcasing a slight annual rise of 2.2 percent.

The Cambodian garment sector contributes almost 80 percent to the total earnings made by the country, by shipping various products in different parts of the world.

The sector also plays a vital role in providing employment to large number of people that automatically improves the economic condition of the country. At present more than 3,50,000 people are earning their living by working in garment industry.

Experts suggest that, new markets should be explored in order to boost the exports that have observed a decline in Q4 of 2007. Being one of the important sectors its earnings directly affects the economy of Cambodia. Even the slowdown in US economy is sure to affect the nation, as United States buys 70 percent of Cambodian textiles, the orders are likely to reduce.

Industry insiders also suggest that, the management of units should be done correctly as last year due to various reasons the workers had gone on strikes lot many times, which hampered the production process.

This is why the Government is now finding means to diversify exports and look for other potential overseas markets. The authorities have also asked entrepreneurs related to other industries to explore new destinations for helping the nation increase foreign revenue.

The main export partners of the country are US, Singapore, Japan, Thailand, Hong Kong, Indonesia and Malaysia.

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X