Speaking to local publication the Khmer Times, Ken Loo, secretary general of the Textile, Apparel, Footwear & Travel Goods Association in Cambodia (TAFTAC), formerly the Garment Manufacturers Association of Cambodia (GMAC), said Cambodian footwear exports to the EU and the US have “not improved” and may continue to decline for the first half of 2023.

He attributed the decline to lower incomes in several countries as the Ukraine war pushed up prices of consumer goods and footwear.

Cambodian Footwear Association president Ly Khun Thai added the fall in orders for footwear is expected to be around 30% compared to the first half of last year which could lead to most factories cutting working hours and suspending more workers.

TAFTAC and the CFA could not be reached for comment at time of press.

For the first 11 months of the year (January to November) Cambodian exports of footwear rose 28% to US$1.5bn. Clothing exports rose 24% to $2.4bn according to the most recently available data from the General Department of Customs and Excise of Cambodia.

At the end of last year, the Asian Development Bank (ADB) approved a US$50m policy-based loan aimed at supporting the government of Cambodia to diversify the country’s economy and boost its global competitiveness.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The loan will support Cambodia’s post-Covid-19 economic recovery by supporting government reforms to enhance the investment and business environment; foster the growth of micro, small, and medium-sized enterprises (MSMEs); and improve trade policy and trade facilitation.