June 10, 2008
Apparel exports to the United States, Cambodia's largest market, have been on serious decline since last October, national media Tuesday quoted the Cambodian Ministry of Commerce as saying.
Officials attribute the decline to increasing competition from Vietnam, which joined the World Trade Organization in January 2007,and the brewing U.S. economic slowdown, said English-Khmer language newspaper the Cambodian Daily.
Nevertheless, exports to Canada and the European Union have grown marginally, mitigating the effects on the country's garment industry, it added.
In the last three months of 2007, apparel exports to U.S. were 352 million U.S. dollars, 30 percent below the 2006 level, according to the ministry.
In the first three months of this year, exports to U.S. slipped1.44 percent compared with the same period last year, to some 500 million U.S. dollars, it said.
But overall, Cambodian apparel exports have increased slightly,4.78 percent in the first three months of this year over the same period last year, because of rising demand in Europe and Canada, it added.
Exports to EU have been on the rise since 2003, a trend that has been bolstered by the falling dollar, said Kaing Monika, external affairs manager for the Garment Manufacturers Association of Cambodia.
Rising production costs in China have worked in Cambodia's favor, as buyers search for alternative sources of clothing, he added.
In the past decade, garment has been the kingdom's foremost pillar industry and largest foreign currency generator, whose export volumes used to account for some 75 percent of the country's total during its peak years.
Source: Xinhua
Apparel exports to the United States, Cambodia's largest market, have been on serious decline since last October, national media Tuesday quoted the Cambodian Ministry of Commerce as saying.
Officials attribute the decline to increasing competition from Vietnam, which joined the World Trade Organization in January 2007,and the brewing U.S. economic slowdown, said English-Khmer language newspaper the Cambodian Daily.
Nevertheless, exports to Canada and the European Union have grown marginally, mitigating the effects on the country's garment industry, it added.
In the last three months of 2007, apparel exports to U.S. were 352 million U.S. dollars, 30 percent below the 2006 level, according to the ministry.
In the first three months of this year, exports to U.S. slipped1.44 percent compared with the same period last year, to some 500 million U.S. dollars, it said.
But overall, Cambodian apparel exports have increased slightly,4.78 percent in the first three months of this year over the same period last year, because of rising demand in Europe and Canada, it added.
Exports to EU have been on the rise since 2003, a trend that has been bolstered by the falling dollar, said Kaing Monika, external affairs manager for the Garment Manufacturers Association of Cambodia.
Rising production costs in China have worked in Cambodia's favor, as buyers search for alternative sources of clothing, he added.
In the past decade, garment has been the kingdom's foremost pillar industry and largest foreign currency generator, whose export volumes used to account for some 75 percent of the country's total during its peak years.
Source: Xinhua
No comments:
Post a Comment