Thailand
Cambodia’s export surges 18% to $20 billion
Cambodia exported $20,457 million worth of goods in the January-November period of this year, an increase of almost 18.1 percent compared to the same period in 2021, according to a report from the General Department of Customs and Excise report yesterday.
The US remains the biggest market for Cambodia-made products, with an export of $8,217 million. The US also accounted for 40.1 percent of the total export amount, a 23 percent increase year-on-year, the report said.
The Kingdom’s international trade reached $48,204 million, a 12.8 percent increase year-on-year.
Cambodia’s main export are garments, machinery and electrical appliances, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables and other textiles.
Lim Heng, vice president of the Cambodia Chamber of Commerce, attributed the growth in export to the effective control of the Covid-19 situation, with almost all the population being vaccinated.
“The government’s successful control of the pandemic situation has led to the resumption of all kinds of socio-economic activities, pushing a good production chain in the factories,” Heng told Khmer Times.
Trade preferences under the RCEP, Cambodia-China FTA, and other trade preferences – EBA and GSP – have given impetus to Cambodia’s export growth, attracting more investments to the Kingdom, Heng added.
Penn Sovicheat, under-secretary of state at the Ministry of Commerce, said that the trade pacts – RCEP and Cambodia-China Free Trade Agreement – contributed to the increasing export.
“The two trade pacts have given an impetus to the country’s export,” Sovicheat said.
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, Sovicheat said.
The RCEP and Cambodia-China FTA came into force early this year.
The Cambodia-Korea FTA, the Kingdom’s bilateral trade pact, was put into force in early December this year.
It will increase trade volume between the two countries and create more export opportunities, particularly attracting new foreign investment to Cambodia to produce and process for export to Korea under the trade preference.
Source: https://www.khmertimeskh.com/501201379/cambodias-export-surges-18-to-20-billion/