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Cambodia exports surge almost 20% to $18 billion in ten months
Cambodia exported $18.74 billion worth of goods in the January-October period of 2022, an increase of almost 20 percent compared to the same period in 2021, according to the General Department of Customs and Excise report on Saturday.
The US remains the biggest market for Cambodia-made products, importing $7.6 billion worth of products from the country, accounting for 40.6 percent of its total export amount, a 25.4 percent increase year-on-year, the report said.
The US and Cambodia meet regularly under the 2006 Trade and Investment Framework Agreement, which provides a platform for addressing bilateral and multilateral economic issues, said a White House statement issued following the bilateral meeting between Prime Minister Hun Sen and US President Joe Biden in Phnom Penh on Saturday.
“In 2021, US imports from Cambodia totalled $8.7 billion and US exports were $414 million. The United States is Cambodia’s largest export market by far, accounting for over 40 percent of Cambodia’s total exports,” the statement read.
The apparel, footwear, and travel goods sectors make up most of US imports from Cambodia and employ over one million Cambodians, mostly women. Top US exports to Cambodia include vehicles, animal feed and digital services, it added.
The Kingdom imported $25.81 billion worth of goods during the period, an increase of 12 percent, read the report.
In terms of imports, China was the biggest importer to Cambodia with $8.63 billion, accounting for 33.4 percent of its total imports.
This made Cambodia’s international trade reach $44.56 billion, an increase of 14.9 percent as compared to the same period last year.
Cambodia’s main export products are garments, machinery and electrical appliances, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables and other textiles.
Lim Heng, vice president of the Cambodia Chamber of Commerce, attributed the growth in exports to the effective control of the Covid-19 situation with almost all the population being vaccinated.
“The government’s successful control of the pandemic situation has led to the resumption of all kinds of socio-economic activities, pushing a good production chain in the factories,” Heng told Khmer Times in October.
Trade preferences under the RCEP, Cambodia-China FTA, and other trade preferences – EBA and GSP – have given impetus to Cambodia’s export growth, attracting more investments to the Kingdom, Heng added.
Source: https://www.khmertimeskh.com/501184067/cambodia-exports-surge-almost-20-to-18-billion-in-ten-months/