Cambodia’s GFT Exports See Strong Growth in First Five Months

Cambodia exported a total of US$4.9 billion worth of garment, footwear, and travel goods (GFT) in the first five months of 2024, a significant increase of 20 percent from US$4.1 billion recorded in the same period in 2023, according to a report from the Ministry of Commerce. The report said the apparel and textile exported were valued at US$3.6 billion during the January-May period this year, up 22 percent from US$2.9 billion during the same period last year. Footwear export rose by 10 percent from US$558 million to US$615 million, while travel goods export jumped by 18.8 percent to US$726 million, the same source pointed out. H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, attributed this growth to a rise in global demand for apparel and textile. 'The growth in GTF export is a positive sign. This GFT industry has received purchase orders, showing the quality of our products which meets the demand in the foreign market,' he said. The garment, footwear and travel goo ds industry is the Kingdom's largest foreign exchange earner. This growth aligns with predictions made by the World Bank, which has recently highlighted the GFT sector as a key driver of Cambodia's economic expansion in 2024. The World Bank anticipates Cambodia's economy to grow by 5.8 percent, with a significant contribution coming from the rebound of GFT exports alongside the continued resilience of agricultural exports. The sector currently consists of around 1,680 factories and branches, employing approximately 918,000 workers, mostly female, according to the Ministry of Labour and Vocational Training. Source: Agence Kampuchea Presse