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BFC boosts Cambodia’s garment, footwear, travel goods exports to US
The Better Factories Cambodia (BFC) has been a vital driver of Cambodia’s exports of garment, footwear, and travel goods to the US market, according to US Ambassador to Cambodia Patrick Murphy.
He made the remarks during a meeting with Ith Samheng, Minister of Labor and Vocational Training, on Wednesday.
“The Better Factories Cambodia project has boosted orders from the US market, increasing the volume of textiles, clothing, footwear and exports of bags and travel goods,” Patrick said.
Cambodia’s export to the US was mostly garments and included goods such as footwear, bicycles and furniture under the trade preference – the Most Favoured Nation status and travel goods are exported under the Generalized Specialised Preference (GSP).
The Kingdom’s imports include automobiles, machinery, electrical appliances and electronics.
Cambodia exported $12.2 billion worth of products to the United States in 2022, a 40 percent increase compared to a year
earlier, according to the US
Census Bureau.
The Kingdom imported $450 million worth of products from the world’s biggest economic power, an 8 percent increase year-on-year.
Cambodia’s trade surplus with the US is at $10.9 billion.
During the meeting, the two nations discussed cooperation aimed at strengthening the Cambodia-US relationship to be more comprehensive in order to increase its investment in Cambodia in many other fields.
Commerce Ministry’s spokesman Penn Sovicheat told Khmer Times that the US market has potential for Cambodian products, mainly footwear, clothes, and travel goods.
“The US remains a potential market because Cambodia exports about 40 percent of its total export to America,” Sovicheat told.
The global economic situation in the United States and Europe and the Ukraine war resulted in global inflation, affecting the purchasing power of people in most parts of the world, including Cambodia.
Sovicheat said the Kingdom continues to receive purchase orders, which gives hope that exports will increase by the end of this year.
Source: https://www.khmertimeskh.com/501320382/bfc-boosts-cambodias-garment-footwear-travel-goods-exports-to-us/