Thanks to the tariff privileges received from the US under its Generalised System of Preferences (GSP), Cambodia's footwear and travel goods exports increased dramatically in the first nine months of this year. The items, which were previously taxed between 4.5 and 20 per cent, can now enter the US duty-free under the expanded program.
Approximately 5,000 products from 122 beneficiary developing countries and territories – including 43 least-developed countries – are eligible for duty-free export to the US. The US’ and the EU’s preferential trade schemes have been very beneficial to the Kingdom’s footwear and travel goods exports which reached some 4.723 billion units – worth $385 million – in the first nine months of this year, increasing by 88 per cent compared to the same period last year
The Kingdom remained among the top 10 footwear exporters, with exports valued at over $1 billion last year, a 19 per cent increase from 2017, data from the International Labour Organisation released in August revealed. It’s main export markets included EU (46 per cent), the US (17 per cent), Japan (12 per cent) and Canada (5 per cent)