Home / Knowledge / News / Apparel/Garments / Depreciation in dollar may benefit country's garment sector
Depreciation in dollar may benefit country's garment sector
15
Nov '10
As stated by Jayant Menon, Principal Economist at the Asian Development Bank's Office of Regional Economic Integration, Cambodia's garment sector is set to gain from depreciation in the value of United States dollar.

Following the declaration that, in order to support the ailing US economy by some $600 billion, the America's Federal Reserve would purchase Treasury debt at around US $75 billion per month till June end, the Cambodian currency, 'riel' has started getting stronger against dollar, since the beginning of November.

As depicted by the National Bank of Cambodia's figures, riel appreciated by some two percent in terms of value during the first week of November, trading at 4,134 riel against the US currency towards the end of the first working week of November.

Menon stated that, the appreciation in the value of riel would benefit the country's garment industry. He also revealed that, in reality Cambodia's actual currency is the US dollar, which means that exports receipts, both local as well as global, are settled in terms of US dollars.

Most of the other competing countries collected receipts in dollars, but used local currencies to pay out their domestic expenses, which is expected to rise with the decline in value of US dollar; Menon said. He also added that, this in particular could be vital for clothing exports from Cambodia.

However, according to Ken Loo, Secretary General of Garment Manufacturers Association of Cambodia, the recent stimulus package from the US would not have much impact at this point of time, as majority of the countries were already selling their garments in US currency.

Fibre2fashion News Desk-India

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

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

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:
May 2017

May 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