Robust exports to the U.S. are giving Cambodia’s garment industry — and its wider economy — breathing room in the face of the coronavirus pandemic and a loss of key European trade privileges.
The Asian Development Bank announced this week it has revised upward its economic projection for Cambodia, forecasting gross domestic product would contract by 4% this year, rather than the 5.5% forecast in June.
Garment industry sources said American brands have helped sop up excess capacity left after European customers began to cut ties with Cambodia, while the ADB pointed to an increase in non-garment exports and improved agriculture output in its revised outlook.
