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EU debt crisis troubles Cambodian silk producers
01
Dec '11
The continuing financial woes of some European countries are causing trouble to silk producers in Cambodia.

The euro zone is the main export market for Cambodian silk and economic problems there have led to several problems, including job losses in the Kingdom.

The Cambodian Craft Cooperation (CCC), an association of about 500 small craft and business enterprises, has recorded a nearly 50 percent decrease in orders. The CCC, which makes silk items for export to EU, took some orders worth over US$ 30,000 in 2010. But, the value of orders has dwindled sharply and the association now accepts shipment orders for even as little a value of US$ 600.

If the decline in European economies continues, the problems of Cambodia's silk sector would increase further and may even lead to the collapse of the silk industry in the country.

Cambodia imports 400 tons of silk per year, but its domestic manufacturing is mere 5 tons. However, lately, there is an increased focus on enhancing local silk production.

Although Cambodia lacks official data on the domestic silk trade, the domestic market for silk products has remained buoyant in the Kingdom owing to improved tourism compared to last year, according to industry experts.

Fibre2fashion News Desk - India


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