Thailand
Cambodia: Kingdom’s January-February exports to US jump 53 percent
Cambodia exports to the United States surged by 53.3 percent to $1,717.5 million in the first two months of this year, according to the figures from the US Census Bureau.
The bilateral trade topped $1,780.9 million, a year-on-year increase of 50 percent.
From January to February, the Kingdom’s imports from the
US dropped by 5.8 percent to $63.3 million.
The US remains the top country for the Kingdom’s total exports, thanks to the trade preference schemes – Generalised System of Preference (GSP) and the Most-Favoured Nation status, which allows for discounts on imports.
In March, Lim Heng, Vice-President of the Cambodia Chamber of Commerce, said that the increased exports to the US reflect manufacturing and production chains in Cambodia that have resumed activity despite the year-long threat of Covid-19.
The US remains the biggest market for Cambodia because the main products exported were clothes and footwear products, Heng said.
Heng said that under the implementation of the country’s new investment law and the high rate of the vaccinated population, the Kingdom is likely to attract more foreign investments.
According to the General Department of Customs and Excise, the US was Cambodia’s biggest market in the first two months, followed by Vietnam and China, with imports amounting to $360 million and $209 million respectively.
Japan and Thailand ranked fourth and fifth, the report added.
The bilateral trade between Cambodia and the US stood at $9,159 million in 2021, rising by 32.6 per cent from $6,906 million a year earlier.
Cambodian exports to the US amounted to $8,745 million, up by 33.3 percent from $6,562 million in 2020, and imports logged $413.7 million, increasing 20 percent year-on-year.
In a discussion on US-Cambodia bilateral relations held in early March, Patrick Murphy, US Ambassador to Cambodia, attributed the increase in exports of textiles to the excellent cooperation between Cambodia and the United States, despite some other challenges.
Source: https://www.khmertimeskh.com/501056229/kingdoms-january-february-exports-to-us-jump-53-percent/