Home / Knowledge / News / Apparel/Garments / Garment industry facing heat of global financial crisis
Garment industry facing heat of global financial crisis
23
Dec '08
Cambodian Ministry of Commerce recently reported that nearly 62,000 textile and garment workers lost their job since July this year, largely due to the global financial crisis which is responsible for either permanent closure or temporary suspension of operations in local factories.

The textile and garment is one of three largest foreign currency earning industries of Cambodia that employs around 350,000 workers, most from the country side.

This industry exports 70 percent of its products to US market, where the financial crisis is at its peak. Therefore, slump in exports to such huge market in recent months has affected many factories to such an extent that they had to pull their shutters down.

In addition, the financial crisis has engulfed Korea as well, the largest investor in textile and garment industry of Cambodia. Market experts opine that this is one of the key reasons of the production decline in the country.

During the period from January to July, Cambodian textile and garment industry faced almost 66 strikes, escalated by 37.5 percent over similar period last year.

Fibre2fashion News Desk - Vietnam

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
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