Cambodia will expand its garment, footwear and travel goods industry (GFT) export markets, promote investment in value-added and high-end products, and improve labor skills and conditions to remain competitive and Sustainability, especially the challenges faced after the European Union (EU) released new industrial policies.
The GFT recently jointly launched by the European Chamber of Commerce in Cambodia (EuroChasdfssdfsm), the Textile, Clothing, Footwear and Travel Goods Association of Cambodia (TAFTAC), and the International Labor Organization (ILO) Industrial strategy report, introducing the country’s GFT industry development strategy from 2011 to 2027.
The report pointed out that GFT exports to the EU fell by 20% from US$4.26 billion in 2019 to US$3.41 billion in 2020, and will decline by 20% in 2021 to US$2.73 billion. , the main recession is attributed to Brexit.
According to Cambodian media reports, excluding the UK’s withdrawal from the EU, the actual decline in GFT exports to the EU market will be only 1.26% in 2021.
Cambodia has overcome challenges and shifted its industrial exports to other markets, especially the US market. The country’s GFT export value to the United States, the European Union and other markets has increased from 28% in 2020 to 33% in 2021. </p
