Cambodia: Total export volume drops 0.12 percent in 11 months

Cambodia’s total export volume in the first 11 months this year is about US $15,725 million, a decrease 0.12 percent when compared to the same period in 2020, said a press release from the Ministry of Commerce.

But according to the Minister of Commerce Pan Sorasak, the Cambodian economic growth will remain positive and expected to increase 2.4 percent in 2021. He went on to add that the total export of Cambodia in 2020 has touched US $17,215 million, an increase of 16.7 percent compared to same period in 2019.

Cambodia is attracting substantial sum of FDI through economic diversification and open market. The government has signed free trade agreement bilateral corporation with China and South Korea and Cambodia has joined the Regional Comprehensive Economic Partnership (RCEP) which are main factors to promote productivity on local demand and export to international market.

The minister added that his ministry wants to focus on public services for private sector and use technological mechanism system, discount price service on document and fast approach on document. Moreover, the ministry wants to strengthen human resource and efficient administrative affair to compete with other countries.

“This total export figure shows a positive signal for foreign trading in the next year,” said Hong Vanak, Director of International Economics at the Royal Academy of Cambodia.

“For last two years, Cambodia’s economy has been adversely affected by the Covid-19 pandemic and  put a lot of pressure on main sectors of Cambodia’s economic growth.”

Vanak said the government has revived the investment law and promote free trade agreement with China, South Korea and Russia.

Also, the Cambodia government joined with RCEP for open market with main partners.

“I expect Cambodia’s export will grow strongly next year with main trading partners such as Vietnam, Thailand China and South Korea. With trade pacts bilaterally and multilaterally, Cambodia is expected to receive more investment, which will boost both exports of products and imports of raw materials to feed the production chains,” Vanak  said.