Thailand
Cambodia: Q1’s total exports increase by 5 percent YTD
Cambodian total exports rose in the first quarter of this year, reflecting demand in international markets as big countries around the world started their economic recovery.
Cambodia’s total product exports were valued at $3.805 billion in the first quarter this year, a 5 percent increase compared with the same period last year, according to figures from the Ministry of Economy and Finance.
Breaking the figures down, Cambodia exported $1.8 billion of products to the US, $720 million to the European Union, $134 million to the UK, $333 million to China, $298 million to ASEAN, $295 million to Japan and the rest to other countries.
Meanwhile, Cambodia’s imports during the period increased, reflecting the demand of raw materials for producing finished products for export.
From January to March, the Kingdom’s imported of goods from foreign countries rose 30 percent.
Cambodia’s primary exports are garments, agricultural goods and industrial products, while its imports are mainly vehicles, machinery, oil, construction materials, raw materials for garments and food.
The import of raw materials increasingly shows that local production chains in the garment and industrial sectors are designed to create exports, said Lim Heng, vice-president of Cambodia Chamber of Commerce.
“The growth of exports is a good sign that demand for Cambodian products is needed, particularly by big economic countries and regions such as the US, EU and other countries that are recovering economically this year,” Heng said.
Last year, the Kingdom exported $17 billion of goods,which was up by 16.72 per cent from 2019. Imports slipped 7 percent to $18 billion from $20 billion in 2019.
Cambodia’s trade deficit stood at $1.3 billion in 2020.
Source: https://www.khmertimeskh.com/50853006/q1s-total-exports-increase-by-5-percent-ytd/