Cambodian bicycle manufacturers are being hit hard by the decline in demand on the global market. The double digit decrease in export value announced earlier this year is only growing bigger.
Cambodia’s export value dropped by 30.52% between January and June, compared with the first half of 2022. There was nothing like a market recovery as the statistics of the Ministry of Commerce make clear. From January to October 2023, exports dropped by 42.8% from €704 million in 2022 to €402 million this year.
In earlier reports, Cambodian experts were already hoping for better times which didn’t come. Also now, Penn Sovicheat, Secretary of State and spokesperson at the Ministry of Commerce said in the Khmer Times that, “I expect the export of bicycles to increase in the remaining months of the year due to seasonal festivals in the Western countries, the main market for Cambodia’s bicycles.”
In full: https://www.bike-eu.com/46247/cambodias-bicycle-export-decline-getting-close-to-50
