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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


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