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Cambodia’s export to US surges to $11 billion
Cambodia exported $11,391 million worth of products to the United States in January-November of 2022, a 42 percent increase compared to the same period last year, the US Census Bureau reported yesterday.
The Kingdom imported $428 million worth of products from the world’s biggest economic power, a 13.5 percent increase year-on-year.
Cambodia’s trade surplus with the US is at $10,963 million.
In November alone, Cambodia’s export to the US amounted to $741 million, while import was valued at $24.3 million.
Cambodia’s export to the US was mostly garments and included goods such as footwear, bicycles and furniture under the trade preference – under the Most-Favoured Nation status and travel goods are exported under the General Specialised Preference (GSP).
The Kingdom’s imports include automobiles, machinery, electrical appliances and electronics.
The GSP status, offered to Less Developing Countries by the US, expired last December and the US government is in the process of reactivating the status.
Noting the US’s trade deal benefiting Cambodia, Pan Sorasak, Minister of Commerce, has called on more US investors to build economic and trade relations with Cambodia, participating in trade fairs and business matching to promote growth.
“Cambodia has benefited from the US Generalised System of Preferences, which has drawn equipment manufacturers to Cambodia and provided more jobs for Cambodian people,” he said.
The US remained the largest buyer of Cambodia’s products, followed by Vietnam, China, Japan, Canada and Germany.
Source: https://www.khmertimeskh.com/501216028/cambodias-export-to-us-surges-to-11-billion/