The country’s GFT Development Strategy 2022-2027 was discussed recently during the launch of the GFT Sector Brief, undertaken jointly by the European Chamber of Commerce in Cambodia (EuroCham), Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC) and International Labour Organisation (ILO).
GFT exports to the EU dropped a fifth to $3,410 million in 2020 from $4,257 million in 2019, and further declined by another 20 per cent, to $2,726, in 2021, the Sector Brief pointed out. The decline last year was mostly attributed to Brexit.
Cambodia will expand its garment, footwear and travel goods (GFT) export market, promote investment in value-added and high-end products and improve skills and condition of the workers to maintain competitiveness and sustainability, especially in the wake of challenges from the European Union (EU) market under a new policy directive for the sector.
The actual drop in GFT exports to the EU market, subtracting the UK’s withdrawal from the EU, was just 1.26 per cent in 2021, according to a report in a Cambodian newspaper.
Cambodia overcame some of these challenges by diverting its GFT exports to other markets, particularly the United States. The share of the country’s GFT exports to some other markets outside the US and the European Union also increased to 33 per cent last year from 28 per cent in 2020.
Fibre2Fashion News Desk (DS)
