Workers stitch boots at a footwear factory in Kampong Speu province. Supplied
Cambodia earned approximately $1.3 billion from the export of footwear products to international markets during the first 10 months of 2024, marking an increase of more than 20% compared to the same period in 2023, with the EU, US and China as the country’s leading export markets.
According to a press release from the Cambodia Footwear Association (CFA), total footwear exports from January to October amounted to $1.332 billion, reflecting a 22.3% increase from $1.089 billion year-on-year.
Footwear exports in October totalled $117.95 million, a decline of about 5% compared to September but an increase of 21.1% compared to October 2023.
At the CFA’s annual meeting in October, Ly Kunthai, president of both the association and the Confederation of Cambodia Investors Association (CCIA), highlighted the notable progress of the country’s footwear industry, with exports continuing to rise in recent months.
He added that while final year-end figures are not yet available, he expects total export volumes to increase further in the coming months.
"This growth can be attributed to the favourable investment climate over the past few years, driven by Cambodia's proactive government policies," he explained.
According to Kunthai, the combined efforts of the government and the private sector to create a favourable investment environment have attracted more investors.
He highlighted that the country’s footwear industry manufactures products for several well-known international brands such as Adidas, Clarks and Timberland.
He further noted, "The CFA has played a crucial role in driving this growth by attracting foreign investors and encouraging local entrepreneurs to expand their production capacities."
Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on November 18 that the global economic and tourism recovery have driven up demand for products in the apparel and footwear sector, including clothing, shoes, socks and travel bags over the past year.
He noted that if global economic growth continues to improve, the volume of orders will likely increase considerably. Vanak added that Cambodia’s growth in footwear exports is partly due to instability in some traditional footwear-producing countries.
He further commented, "Currently, Cambodia has many footwear factories, and several more are under construction."
He added, "Cambodia is becoming a hub for high-quality footwear production for several well-known global brands. Exports of these products are expected to increase significantly in the near future."
According to the General Department of Customs and Excise (GDCE), from January to October, the total import-export value between Cambodia and all its trade partners reached $45.06 billion, a 16.5% increase from $38.67 billion in 2023.
Exports amounted to $21.57 billion, an increase of 16% from $18.59 billion, while imports totalled $23.49 billion, up 16.5% from $20.07 billion.
Cambodia’s trade balance showed an surplus of approximately $1.91 billion for the period, compared to a surplus of $1.48 billion during the same period in 2023, as per the GDCE.
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