Phnom Penh: The good progress of Cambodia’s garment, footwear, and travel (GFT) exports is a significant positive sign of the Cambodian economy, social stability, and decent work standards environment, said key insiders.

According to Agence Kampuchea Presse, the latest trade data from the General Department of Customs and Excise of Cambodia (GDCE) showed that GFT exports earned US$13.74 billion in 2024, up 23.78 percent from the same period last year. Mr. Kaing Monica, Deputy Secretary General of the Textile, Apparel, Footwear and Travel Goods Association in Cambodia (TAFTAC), attributed Cambodia’s export growth in 2024 to many contributing factors. These include external factors such as China’s trade tensions with the United States and problems in Myanmar and Bangladesh, which encouraged foreign countries to place more orders from Cambodia. Additionally, the Kingdom is experiencing political stability and boasts a high level of labour compliance.

“Based on the fruitful results of the export, the GTF exports will continue to increase, which will continue to be a key factor in boosting Cambodia’s economy to a better level,” Mr. Monica stated.

Senior economist Mr. Ky Sereyvath, Director General of the Institute of China Studies at the Royal Academy of Cambodia, echoed these remarks. He emphasized that the shift away from the garment sector in some countries in the region has significantly pushed Cambodia’s GFT exports throughout 2024. “The garment, footwear, and travel sector in Cambodia is resilient and continues to be strong because of the favourable investment climate and employment environment in Cambodia,” he said.

The GFT industry remains the largest foreign exchange earner for Cambodia. Through the introduction of the Cambodian Garment, Footwear, and Travel Goods Sector Development Strategy 2022-2027, as well as efforts to reform public services and reduce the cost of doing business, Cambodia has maintained investment growth in the sector.