Garment workers sew items of apparel at a factory in Cambodia's Kandal province. - Phnom Penh Post/ANN
PHNOM PENH (Phnom Penh Post/ANN): Cambodia earned nearly US$9 billion from the export of textile products to international markets during the first three quarters of 2024, marking an increase of nearly 25% compared to the same period in 2023 and representing almost half of the country’s total export revenue.
From January to September, the country exported textile products categorised under HS Codes 61 (knitted articles of apparel and clothing accessories), 62 (non-knitted articles), 63 (other textiles) and 64 (footwear, gaiters) worth a total of US$8.758 billion.
This reflects a 24.51% increase from $7.034 billion during Q1-Q3 2023 and represents 44.16% of the country’s total export revenue for Q1-Q3 2024, which reached $19.833 billion, according to the General Department of Customs and Excise (GDCE).
Among these exports, Code 61 products generated $5.034 billion, a 21.5% increase, while Code 62 exports accounted for $2.353 billion, a 31.9% rise. Code 63 brought in $155.69 million, up by 37.7%, while Code 64 reached $1.214 billion, a 22.4% increase.
Ly Kunthai, president of both the Cambodia Confederation of Investors Association (CCIA) and the Cambodia Footwear Association (CFA), told The Post on October 11 that after a decline due to the impact of Covid-19, the country’s textile exports began to show positive signs again in the second half of 2023.
He attributed the growth over the past year to Cambodia's stable political environment, favourable investment laws, skilled labour force, improved transportation infrastructure and a growing number of international buyers.
“The growth in textile export revenue is due to Cambodia’s political stability within ASEAN, the efficiency of its workers and the quality and quantity of production,” he said.
Kunthai added that this success is also driven by the government's efforts to attract foreign investors, encouraging them to invest directly in the country and place orders for Cambodian-made products.
He noted that the country’s major markets for textile exports include the US, EU, UK, Japan, South Korea and China.
Looking ahead to the remainder of 2024 and into 2025, Kunthai is optimistic that exports will continue to rise.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), noted that increasing global demand, combined with political instability in other major textile-exporting countries (Bangladesh and Myanmar), has boosted orders from Cambodia.
He added that many foreign financiers are currently investing in textile manufacturing.
"The favourable political situation in Cambodia is attracting the attention of many purchasing companies, and Cambodia’s production capacity is advancing," he said.
In 2023, the country’s total textile exports amounted to $9.39 billion, down by 14.18% from $10.91 billion in 2022. - Phnom Penh Post/ANN
