Cambodia: Kingdom’s export value in Jan-July up 30 percent
Cambodia exported $13.78 billion worth of goods in the January-July period of this year, up by 30.7 percent compared to the same period last year, the General Department of Customs and Excise (GDCE) report said on Wednesday.
The total value of the Kingdom’s international trade rose by 21.3 percent to $32.82 billion, the report said, citing that imports increased by 15.4 percent to $19.05 billion during the period.
The US remains the biggest market for Cambodia’s products, stated the report, citing that export amounted to $5.69 billion, a year-on-year increase of 47.3 percent, accounting for 45.2 percent of the total export.
Vietnam is the second largest market with exports at $1.32 billion, followed by China at $701 million.
Broken down by sector, garment, footwear and travel goods share almost 50 percent of the total commodity exports, followed by non-garment industry products and agricultural products, the report said.
Cambodia’s exports have significantly increased due to the successful and efficient Covid-19 management by the government, leading to the resumption of all kinds of economic activities, said Lim Heng, vice president of the Cambodia Chamber of Commerce.
“The government has controlled the Covid-19 situation, reopened borders to tourists, resumed socio-economic activities – leading to keeping the production chains in factories,” Heng said.
Trade preferences, the regional free trade agreement – RCEP and Cambodia-China Free Trade Agreement are factors opening up wider markets for Cambodia-made products and attracting new investment, he said.
The government has launched the strategic framework and program for economic recovery and to promote Cambodia’s economic growth for 2021-2023.
Penn Sovicheat, undersecretary of state and spokesman at the Ministry of Commerce, attributed the growth to the Cambodia-made products’ quality that has won the confidence of buyers and consumers.
“Cambodia is a country with a reputation as a source of large supply with the trust of consumers and buyers. In fact, in the context of the outbreak of Covid-19, Cambodia’s exports continue to grow as some countries fail to supply their markets,” he said in a recent press conference.