Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said that the correlation between the health of the global economy and the volume of orders for locally-made footwear and similar goods underscores the reliance of the corresponding Cambodian manufacturing sub-sector on large countries with growing economies.
He said that Cambodian exports overall have been notably affected by subdued consumer spending around the world, weighed by economic growth issues, potential energy shortages that are shaping to be especially severe in Europe, towering oil prices and inflation, all of which are tied to the Ukraine crisis.
“This increase in export values indicates that these products were in high demand, but according to information I’ve received, in the second half of the year, orders and exports won’t see results as positive as in the beginning of the year,” Vanak said, adding that locally-made Chapter 64 items would be in high demand when travel picks up.
Read the full article:
https://www.phnompenhpost.com/business/footwear-exports-may-slip-q4