Industrial Cluster: Cambodia Is Stabilizing Its Exports Of Clothing, Footwear And Tourism Products Worth 10 Billion Dollars

Cambodia has formulated a strategy to develop the clothing, footwear and tourism products industry from 2022 to 2027. These strategic measures include developing human resources to improve labor productivity, improve working conditions, develop local raw material production, promote and support industrial investment, and achieve market diversification. Cambodia also focuses on social and environmental compliance, which is a key requirement of the international market.

Ky Sereyvath, an economic researcher at the Royal Cambodian Academy of Sciences, said that although some tariff preferences had been reduced, Cambodia's exports of clothing, shoes and tourism products to the European Union still maintained growth, which was driven by a variety of factors. Cambodia's competitive position in the international market and Cambodia's productivity were still high.

Ky Sereyvath pointed out that Cambodia has become a major recipient of high orders because some countries are facing political and economic crises due to domestic unrest. Although Cambodia will no longer be eligible to enjoy the EU's standard GSP and all goods except weapons (EBA) tariff plan, Cambodia can still maintain export growth. At the same time, he stressed that the Cambodian government must be ready to maintain productivity and export growth by improving citizens' skills, so as to be ready to accept new large-scale investment in advance.

According to the report of the Ministry of Commerce, Cambodia's exports of clothing, textiles, footwear and tourism goods will reach 13.92 billion US dollars in 2024, an increase of 23% over 2023. Among them, footwear exports reached 1.68 billion US dollars, up 23%; The export of tourism goods reached 1.95 billion US dollars, up 19.6%.

(Source: website of Ministry of Commerce)