Cambodia exported non-garment products including bicycle, electronic parts, vehicle spare parts, decorative light bulbs, plywood, etc. of approximately $1.9 billion to foreign markets in the first six months of 2021.
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Myanmar’s political instability, lockdown in Cambodia and a the COVID-19 situation in India has prompted international retailers and brands to divert work orders to Bangladesh. Export earnings hit $3.13 billion in April.
According to US Census Bureau, exports from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than that of last year. Q1 of this year saw total exports of $1.86 billion even amid stoppages.
Major cities in Cambodia have gone into lockdown because of the COVID-19 pandemic. As a relief to the textile industry, the government will now allow workers in the yellow zone to work with certain restrictions.
Cambodia has agreed to raise to $153 from next year the minimum monthly wage of workers in its crucial textiles and footwear industry, which generates $6 billion annually for the economy.
Export of garments from Thailand is expected to move south with more manufacturers migrating to neighbouring countries to tap cheaper costs and better tariff benefits.
Export of garments from Thailand is expected to move south with more manufacturers migrating to neighbouring countries to tap cheaper costs and better tariff benefits.