Thailand
Cambodia exports surge 16% to $22.4B
The government’s strategic measures and reforms helped Cambodia register remarkable export growth, the Ministry of Commerce said yesterday.
Cambodia’s foreign international trade amounted to $52.4 billion in 2022, up 9.1 percent over a year earlier, the ministry’s report showed, adding that the Kingdom’s export rose by 16 percent to $22.4 billion.
Exports grew significantly in 2022, thanks to the reopening of socio-economic activities in the country from early November 2021, after the vaccination for Covid-19 and lifting of restrictions on trade, Pan Sorasak, Minister of Commerce, said at an annual meeting to review works in 2022 and set objectives for 2023 yesterday.
The ministry consistently implemented the Royal Government’s political program and strategy to develop the trade sector by boosting production to supply domestic demand and export through diversified markets, he said.
“Cambodia has been able to maintain its regional supply chain connectivity and penetrate the global supply chain, with exports still growing due to the introduction of a series of strategic frameworks and a series of sharp measures by the government, helping SMEs maintain production stability, business operations and investment, as well as maintain jobs for the people, workers,” he said.
Through the direction of trade next year, the ministry is highly committed to driving the growth of the trade sector, turning challenges into opportunities through in-depth reforms in all areas, reducing costs and strengthening the competitiveness of the economy. Cambodia’s exports to international markets and creating a favourable environment for doing business and investing in Cambodia, the minister said.
“The ministry has contributed to the growth of exports through the use of existing preferential markets and additional market diversification, such as negotiations on the establishment of bilateral and multilateral free trade zones with trade partners, and expanding the market for goods, services and investment in Cambodia,” Sorasak said.
The Cambodia-China Free Trade Agreement (CCFTA), the Regional Comprehensive Economic Partnership (RCEP) and Cambodia-Korea FTA have boosted the country’s exports.
Cambodia is one of the supply chains in the world, exporting garments, footwear, electronic and electrical components, and agriculture, which is the main factor that boosted the exports to the RCEP countries.
The FTAs and RCEP are expected to help the Kingdom gain market access to wider markets in the future, once the status of the EBA trade scheme and other trade preferences are removed from Cambodia.
Source:m https://www.khmertimeskh.com/501229569/cambodia-exports-surge-16-to-22-4b/