Cambodian Garment Sector to Reach US$5 billion

The Cambodian garment and textile industry continues its upward momentum and exports are expected to reach about US$5 billion this year, Commerce Minister Cham Prasidh said at an opening ceremony of gems and jewelry, textiles, and mineral testing on March 5 in Phnom Penh.

The value of the country’s garment and textile sector was US$4.24 billion last year, making up 87 percent of the country’s total exports, valued at some US$5 billion. “Garment and textile is the leading sector in Cambodia and its outlook this year is very optimistic,” he said. “The potential to expand capacity means we expect exports to hit US$5 billion this year.”

In 2010, the Kingdom’s garment and textile exports grew by 25 percent over the previous year.

A new textile testing laboratory, which will be run by Intertek, which tests various materials in countries around the world, will ensure that Cambodian products meet international standards, which the country hopes will make them more attractive on the international market.

To be continued...

Source:  Economics Today, Issue 111, March 12-18
Link: http://www.etmcambodia.com/blog.php?article=287