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The share of such exports stood at 43.31 per cent in February, while it was still above 50 per cent in January.
Exports of such goods fell more than 28 percent to $782 million in January from $1.08 billion in the same month last year.
Cambodia’s exports of clothing, footwear and travel goods fell 25.54 percent to $744 million in February 2022 from $986 million in February 2022. The decline started six months ago. Knitwear brought in $326 million in February – a year-on-year (YoY) decline of 28.4 percent, while nonwovens brought in $201 million – a decline of 12.7 percent.
Industry experts believe that export orders for such goods will not revive till mid-2023 as European and American retailers have enough stock of unsold goods. The Ukraine war and inflation have also led to a decline in global demand for such goods.
Knitwear brought in $326 million in February — a 28.4 percent decline from the $456 million it earned in February last year, while nonwoven apparel brought in $201 million — a 12.7 percent decline from $231 million in the same month last year.
Travel goods made $124 million in the month—a drop of 24.4 percent. According to Cambodian media reports, footwear exports only earned $92 million—a drop of 31.6 percent.
Meanwhile, the Cambodian government is planning to launch a scheme in partnership with textile and apparel factory owners to provide financial assistance to workers who have lost their jobs due to factory closures.
Fibre2Fashion News Desk (DS)