Fast Market Research announces the availability of the new CRI report, "Cambodia Garment Manufacturing Industry Overview, 2011-2020", on their comprehensive research portal
Boston, MA -- (SBWIRE) -- 08/09/2016 -- China is a world leading producer and exporter of garments. However, it is undeniable that the comprehensive cost of textile and garment industry continuously rises and its advantage weakens. Confronted with these difficulties, part of garment manufacturing enterprises transfer their production bases to countries with lower costs such as Vietnam, Cambodia and Philippines.
Cambodia, situated in the core area of south-east Asia, is one of the least developing countries in the world. It is experiencing a relatively rapid growth in recent years. From 2010, the economy remained an annual growth rate of over 6% in Cambodia. From 2013, the economic annual growth rate remained above 7%. The Cambodia government claimed to maintain an annual growth rate of above 7% by 2018 in the newly developed 2015-2025 Industry Development Plan.
Under the context of free economic system, Cambodia is one of the most open economies in Asia. Products manufactured by Cambodia can be exported with generalized system of preference (GSP) and most favored nations (MFN) treatment in many countries such as the U.S.A., Europe and Japan. Particularly, with regards to textile and garment products imported by Cambodia, the U.S.A. gives looser quotas and cuts raised import tariffs, the European Nations have no barriers and Canada provides preferential measures such as granting the exemption of import duties.
Garment manufacturing industry is one of the mainstay industries in Cambodia. By the end of 2015, garment manufacturing enterprises registered in Cambodia reached over 1,400. According to CRI, about 1,100 enterprises among them are in normal operation. Garment manufacturing enterprises in Cambodia mainly operate with foreign capital from areas such as China, Hong Kong, Taiwan and South Korea. They mainly concentrate in Phnom Penh and Sihanoukville with convenient traffic. Most raw materials of garments and foot-wears in Cambodia are mainly imported from Asian countries, especially from China, Japan and South Korea. At present, Cambodia garment factories can manufacture garments with technics of washing, tie-dyeing and embroidering, but still lack dyeing and finishing skills.
In 2015, the minimum wage of garment manufacturing industry is USD 140 per month, increased by USD 12 per month, but is still at a relatively low level in the world. Garment manufacturing industry provides over 700 thousand jobs for Cambodia, and creates plentiful indirect job offers as the primary pillar industry of Cambodia. In Cambodia, there are many newly established garment manufacturing enterprises as well as dozens of bankrupting ones each year mainly for weak competitiveness, strike issues and rising costs.
In 2015, the product export value of garment in Cambodia reaches USD 6 billion, accounting for approximately 70% in the total export value. The major export markets of Cambodia textile garments and foot-wears include Europe, the U.S.A. and Canada. Cambodia is ready to join TPP in the future. It is estimated that the Cambodia garment manufacturing industry will be confronted with more development plans in the next few years.
Get More Details on this Report and a Full Table of Contents at Cambodia Garment Manufacturing Industry Overview, 2011-2020
Through this report, the readers can acquire the following information:
-Definition and Classification of Garment
-Research Methods, Parameters and Assumptions
-Analysis on Competition in Cambodia Garment Industry
-Analysis on Leading Enterprises of Cambodia Garment Industry
-Development Opportunities and Driving Forces Faced by Cambodia Garment Industry
-Risks and Challenges in the Development of Cambodia Garment Industry
-Analysis on Prices of Raw Materials and Products of Cambodia Garment
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