Cambodia's garment exports to grow by 6 to 7pc
Thursday, 13 March 2008
PHNOM PENH, March 12 (Xinhua): Cambodia's garment exports will grow by six to seven per cent this year, English- Khmer language newspaper the Mekong Times today quoted official as saying.
"We project that garment exports will increase by six to seven per cent in 2008 because the garment market is only slightly affected by the weakened US economy. People still buy clothes to use. It is different from machinery and technology markets," said Hang Chuon Naron, secretary of state at the Ministry of Economics and Finance, while addressing an industry seminar here Tuesday.
"But there will be tough competition," as the export restriction imposed by US on China will expire at the end of this year and the membership of WTO (World Trade Organisation) has enabled Vietnam to export more garment to the United States, Cambodia's traditional market, he said.
Some 70 per cent of Cambodia's garment exports went to the United States, four per cent to Canada and the rest to the European countries.
According to official statistics, garment exports of Cambodia increased by 12 per cent in 2006 and eight per cent in 2007, with an export value in 2007 of 2.9 billion US dollars.
Garment remains the country's foremost pillar industry, whose export volumes used to account for over 70 per cent of Cambodia's total annual export volumes.
"We project that garment exports will increase by six to seven per cent in 2008 because the garment market is only slightly affected by the weakened US economy. People still buy clothes to use. It is different from machinery and technology markets," said Hang Chuon Naron, secretary of state at the Ministry of Economics and Finance, while addressing an industry seminar here Tuesday.
"But there will be tough competition," as the export restriction imposed by US on China will expire at the end of this year and the membership of WTO (World Trade Organisation) has enabled Vietnam to export more garment to the United States, Cambodia's traditional market, he said.
Some 70 per cent of Cambodia's garment exports went to the United States, four per cent to Canada and the rest to the European countries.
According to official statistics, garment exports of Cambodia increased by 12 per cent in 2006 and eight per cent in 2007, with an export value in 2007 of 2.9 billion US dollars.
Garment remains the country's foremost pillar industry, whose export volumes used to account for over 70 per cent of Cambodia's total annual export volumes.