In 2024, Cambodia's textile and clothing exports will soar by 22%
2024-06-13 16:16:25 Source: Global textile information
According to the Cambodian Ministry of Commerce, Cambodia's exports increased significantly in the first five months of this year, especially clothing, footwear and travel goods (GFT), reaching US $4.969 billion, an increase of 20% over the previous year.
According to the Ministry's report, during this period, the export volume of clothing and textiles reached US $3.628 billion, up 22% year on year.
According to the data of the Ministry of Labor and Vocational Training, there are about 1680 factories and branches in the GFT industry, which is an important employer and employs nearly 918000 workers, mainly women.
The data shows that the foreign trade of the country from January to May increased significantly, with a year-on-year growth of 12%, and the total trade volume exceeded 21.6 billion US dollars, compared with 19.2 billion US dollars in the same period last year.
During this period, Cambodia's exports were worth US $10.18 billion, up 10.8% year on year, and its imports were worth US $11.4 billion, up 13.6% year on year.
According to the recent statement of the World Bank, it is expected that Cambodia's economic growth rate will slightly increase to 5.8% this year from 5.6% in 2023, further increase to 6.1% in 2025, and further increase to 6.4% in 2026, thanks to the recovery of GFT exports and tourism, promoting the sustained economic recovery.
