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Cambodia: Travel goods export expected to reach $1 billion in 2020
Cambodia’s export of travel goods and bags are expected to rise to about $1 billion in 2020 while the number of factories producing the products increased to 101.
Speaking at a meeting on the implementation of Better Factories Cambodia (ILO-BFC) project for travel goods and bag factories and enterprises Ith Samheng, Minister of Labour and Vocational Training, noted the remarkable progress of the sector which will provide more job opportunities and contribute to the economic development of Cambodia.
With the growth of travel goods and bag factories, Mr Samheng called on them to carry out the ILO-BFC project by registering as members to gain benefits such as incentives for purchase orders exporting to markets with tax preferences offered.
They are also advised to form an association in line with the Law on Trade Union to represent them in social dialogues with effectiveness and transparency.
In terms of export, the largest market for Cambodian travel goods and bags is the U.S., which accounts for 80 percent of total exports.
Cambodia’s exports to the U.S. market have continued to increase as travel goods and bags, including handbags, backpacks and suitcases, have been granted duty-free access to the United States under the Generalised System of Preferences (GSP) since 2016.
Before benefiting from the GSP in July 2016, Cambodia’s export of travel products was valued only at $50 million.
Official figures from the U.S. Census Bureau show that in the first eight months of 2020, Cambodia’s total exports to the U.S. market reached US$4 billion, up 22 percent from the same period last year. Chea Vannak
Source: https://www.khmertimeskh.com/50775212/travel-goods-export-expected-to-reach-1-billion-in-2020/