Cambodia's exports continue strong growth: ministry

27 Dec '19
2 min read
Pic: Shutterstock
Pic: Shutterstock

Cambodia’s exports have been valued at $10.81 billion during the first 10 months of the year, an increase of 6.45 per cent, according to the ministry of commerce. From January to October, exports of garments were worth $6.4 billion, textiles were valued at $40 million and footwear were worth $905 million, the ministry noted in its latest report.

Commerce minister Pan Sorasak recently said the value of exports is growing at a rate of 10 per cent annually.

The emphasis is now on diversifying markets, integrating into the ASEAN framework and improving trade relations with partners of the Southeast Asian bloc, particularly Japan, China, South Korea, Australia, New Zealand and India, Cambodian media reports quoted him as saying.

The biggest buyers of Cambodian products are the European Union, the United States, Canada and China, he said.

In line with the government’s trade integration and market diversification strategy, the ministry of commerce will open its sixth trade centre in China on December 28, he said.

Exports of travel bags grew from $58 million in 2016 to around $760 million this year, said Van Sou Ieng, chairman of the Garment Manufacturers Association in Cambodia (GMAC). There are now 27 travel bag factories in Cambodia, 17 more than last year, according to the report from the ministry.

Fibre2Fashion News Desk (DS)

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