Economy: Cambodia's GFT exports show strong growth in first five months of 2024

Cambodia exported a total of US$4.9 billion worth of apparel, footwear and travel goods (GFT) in the first five months of 2024, a significant increase of 20 % from US$4.1 billion in the same period of 2023, according to a Ministry of Commerce report.

According to the report, apparel and textile exports were valued at US$3.6 billion in the first five months of this year, up 22 % from US$2.9 billion in the same period last year. Photo ILO

Footwear exports rose 10 % from US$558 million to US$615 million, while travel goods exports jumped 18.8 % to US$726 million, the same source said.

H. E. Penn Sovicheat, permanent secretary and spokesman for the Ministry of Commerce, attributed the growth to an increase in global demand for garments and textiles.

“ The growth in GTF exports is a positive sign. The GTF industry has been receiving orders, which shows the quality of our products that meet the demand in the foreign market,” he said.

The garment, footwear and travel goods industry is the Kingdom’s largest foreign exchange earner.

This growth is in line with predictions by the World Bank, which recently highlighted the FMCG sector as a key driver of Cambodia’s economic expansion in 2024.

The World Bank expects Cambodia’s economy to grow by 5.8 %, with a significant contribution from the recovery in GFT exports, alongside the continued resilience of agricultural exports.

According to the Ministry of Labour and Vocational Training, the sector currently consists of around 1,680 factories and branches, employing around 918,000 workers, the majority of whom are female.