One of the most competitive markets in garment exports, Cambodia has once again witnessed a massive surge in garment and footwear exports.
According to a National Bank of Cambodia (NBC) report, footwear and garment exports increased 24 per cent last year. The surge in exports fetched US $ 10 billion, up from US $ 8 billion in 2017.
“The growth in the export of garment and footwear products is driven by the global economy performing better, especially in main export destinations such as the EU, which bought 46 percent of Cambodia’s total garment and footwear exports last year, the US [24 percent], Canada [9 percent] and Japan [8 percent],” the report mentioned.
Notably, the growth rate in 2017 was mere 7.6 percent for the garment industry which employs 8,00,000 people.
Also, the value of garment exports in 2018 accounted for 74 percent of the country’s total exports.
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