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Cambodia’s seven-month exports to US surge 27 percent
Cambodia’s exports were valued at $4,298 million in the first seven months of this year, a year-on-year increase of 26.8 percent, according to data from the US Census Bureau.
From January to July this year, Cambodia imported $235 million, a 38.5 percent increase compared with the same period last year.
The bilateral trade rose by 27.3 percent to $4,534 million during the period.
Cambodia’s exports to the US were mostly garments and included goods such as footwear, bicycles and furniture. They are exported under the US Generalised System of Preferences (GSP).
The Kingdom imports automobiles, machinery, electrical appliances and electronics.
Lim Heng, vice-president of Cambodia Chamber of Commerce, said the recovery of the US economy is the main factor pushing demand for necessary products that pushed exports from Cambodia to the US.
“The US is a big market so if we can keep exports to the US… that it is a good move to Cambodia on the national income,” Heng said.
The trade pacts are also potential tools for Cambodia, he said.
“We now have an FTA [free trade agreement]with China and South Korea, particularly RCEP. We expect to attract more investment to the country,” he said.
RCEP – Regional Comprehensive Economic Partnership – is an FTA among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.
Exports from Cambodia now to the US are subject to pay tariffs because the US Congress is in the stage of renewing the GSP scheme.
Seang Thay, spokesman at the Ministry of Commerce, said the US House submitted in June the draft bill related to the GSP to the Congress.
“I have yet been informed any progress of that,” Thay said.
Bilateral trade between the Kingdom and the US amounted to $6.9 billion in 2020, which was up 17.89 percent from 2019.
The value of Cambodian goods exported to the US was $6.5 billion in 2020. That figure rose 22.79 per cent from the $5.3 billion recorded in 2019.
Source: https://www.khmertimeskh.com/50929929/cambodias-seven-month-exports-to-us-surge-27-percent/