The garment sector is recovering, with more than 4% expected to grow this year

Compass Cambodia report, August 6- Representatives of the Garment Manufacturers Association of Cambodia see that in the second half of 2021, the garment, bag, footwear and other fabrics industry is showing a better situation than before, while this important sector is predicted to be achieved an increase of 4.6% in 2021.

Deputy secretary general of the Garment Manufacturers Association of Cambodia (GMAC), Mr. Kaing Monica, said that according to the overall review of the garment sector, bags and shoes and other fabric products in the first six months of 2021, if we look at overall, there is no decline, but for the garment sector, there may be a decline if we talk about exports to all destinations, except the US market has numerous of orders.

''In the current situation, we recognize that the garment sector was in a better position than in the first quarter, and we hope that Covid-19 will not spread strongly or we will have good measures to prevent it," he emphasized. According to GMAC representatives, we see that the number of orders is currently good, and some order, we know which are being transferred from Burma.

Recently, the Ministry of Economy and Finance released a report on the results of the implementation of the first half of the budget and the evaluation of the implementation of the law on finance for the management of 2021, including for the garment sector, bags and footwear in this period. Growth is expected to reach 4.6%, as forecast at the beginning of the year, despite the sub-sector being adversely affected by the February 20 community event. According to the data for the first six months of this year, garment exports will grow by 1% in 2021 and -9.2% in 2020.

At the same time, imports of garments in the first six months of the year increased by more than 26% in 2021 and -19.2% in 2020, an increase that may reflect the expected growth and imports. The upcoming release of garments, in line with the continued growing demand in the US market, may provide opportunities for this sub-sector.

Source: Compass Cambodia comprehensive arrangement

Editor: Nea         Chief Editor: Sunnie         General in Chief/Executive Producer: Nicole

Compass global site: Cambodia | Singapore | UAE | Thailand | Philippines | Myanmar | Laos