|July 06, 2011 (Cambodia)|
President of Garment Manufacturers Association in Cambodia (GMAC), Van Sou Ieng, said that the country’s garment exports will surge by 30 percent this year.
He said that the Cambodian garment exports sector is greatly dependent on overseas buyers, and along with the recovery in global economy, the orders placed by foreign buyers are also increasing.
Overseas buyers are showing interest in Cambodian garments due to their good quality and stable prices, Mr. Ieng said.
He added that Cambodia has about 500 garment units and a new manufacturing facility is being established every ten days. He cited the advantages to the industry from the tariff exemptions granted by the EU and safety of the invested funds as the reasons for setting up of new garment factories.
As per GMAC data, the country’s garment exports increased to US$ 2.99 billion in 2010 from US$ 2.38 billion in 2009, showing a year-on-year rise of 26 percent.
According to Chheng Kimlong, Lecturer in Business and Economics at the University of Cambodia, the current growth trend in garment sector in the country is likely to continue this year due to rising demand from the US and EU.