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Cambodia's footwear, travel goods exports buoyed by US GSP

19
Nov '19
Pic: Shutterstock
Pic: Shutterstock
Cambodia's footwear and travel goods exports rose in first nine months of 2019 due to US tariff privileges under the generalised system of preferences (GSP). The US and the European Union’s preferential trade schemes have been very beneficial to the country’s footwear and travel goods exports, ministry of commerce secretary of state Sam Sereirath said recently.

Sereirath was speaking at the first ever International Technology Tradeshow on Machinery, Components, Chemicals, Accessories & Leather for Footwear and Travel Goods Sector, according to Cambodian media reports.

A GSP amendment effective from in July 2016 removed US customs tariffs on Cambodian-made travel products like luggage, backpacks, handbags and wallets. These items, which previously attracted tariffs between 4.5 per cent and 20 per cent, now enter the United States duty-free under the expanded programme.

Cambodia’s footwear and travel goods export reached some 4.723 billion units–worth $385 million–in the first nine months of this year, up 88 per cent compared to the same period last year, Sereirath said.

Garment Manufacturers Association in Cambodia chairman Van Sou Ieng said there has been a large increase in investment flow into the travel goods sector since the country obtained market access under the US GSP scheme.

In 2016, Cambodian goods exported under the GSP scheme amounted to $50 million. Last year, the figure went up dramatically to $400 million, government statistics showed.

Fibre2Fashion News Desk (DS)


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