Fabric imports for garment industry rises to $3.5 billion in first nine months of the year
Fabric imports for garment industry rises to $3.5 billion in first nine months of the year
The garment sector in Cambodia has shown good performance in terms of production, exports and growth in orders, while the import of fabrics for garment production increased by more than 25%.
According to the latest World Bank Economic Update for Cambodia, in the first nine months of this year, Cambodia imported about $3.5 billion worth of garments, an increase of more than 25%.
Kaing Monica, Deputy Secretary General of the Garment Manufacturers Association of Cambodia, was quoted by local media as stating that the increase in imports of raw materials for garment production this year was in line with the growth of exports of garments and travel products.
He said that the growth in each sector differs slightly with clothing seeing the lowest growth of about 5% in the first 9 months of this year, but footwear sector increased by approximately 15% and for travel products , there is a very strong growth of more than 30%, compared to last year.
In general, garments are low-growth products and we need to be very competitive with other countries, especially Bangladesh and Vietnam.
He added that compared to last year in 2021, the situation of the garment sector in Cambodia has improved due to stable production, leading to an increase in exports, while orders for this year increased more than last year.
Imports to the United States have continued to grow, although the GSP has not yet been validated. At the same time, the factory that had suspended production at the beginning of the year has resumed normal production.
According to the latest World Bank report, Cambodia’s garment exports to the United States increased by 31.9% to $ 3.4 billion in September 2021, although GSP has not yet been re-validated.
According to the report of the General Department of Customs and Excise of Cambodia, in the first nine months of 2021, exports for garments amounted to $8.24 billion, an increase of about $843.4 million or 11.4 % Compared to 9 months in 2020. Khmer Times
