For the full year 2020, Cambodia exported garments worth $7.420 billion, registering a decrease of 10.24 per cent over the previous year, according to the 2020 annual performance report of the country's ministry of commerce.
To help the country's garment, footwear, travel bag and tourism sectors cope with the downturn caused due the COVID-19 pandemic and the accompanied lockdowns and supply chain disruptions, the Cambodian government has so far announced eight rounds of financial support programmes.
Under the programme, the government provides $40 per month for each worker, while factory owners have to pay an additional $30 per worker, taking the total pay to $70 per worker per month.
A decline in international demand was one of the reasons for the fall in garment exports during January-March 2021, but with opening of lockdowns in the US, UK and other European countries, Cambodian exports are likely to increase in the second quarter.
Meanwhile, the Asian Development Bank in a recent report has forecast the Cambodian economy to grow 4 per cent this year and 5.5 per cent in 2022, as the economic recovery in major trading partners boosts demand for Cambodia’s exports. In 2020, Cambodian economy contracted 3.1 per cent due to the impact of the global COVID-19 pandemic.
Fibre2Fashion News Desk (RKS)
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