Cambodia’s export value surges 26% in January-August

Cambodia exported $15,641 million worth of goods in the January-August period of this year, up by 26.3 percent compared to the same period last year, the General Department of Customs and Excise report said on Monday.

The total value of the Kingdom’s international trade rose by 21.5 percent to $37,405 million, the report said, citing that imports increased by 18.3 percent to $21,764 million during the period.

The US remains the biggest market for Cambodia’s products, stated the report, citing that export amounted to $6,421 million, a year-on-year increase of 37 percent, accounting for 41 percent of the total export.

Vietnam and China are the second and third markets with exports at $1,469 million and $804 million, respectively, read the report.

Garment, footwear, and travel goods remain the country’s biggest shares of total export, but the non-garment product exports were on a significant increase.

Heng Sokkung, Secretary of State and spokesman at the Ministry of Industry, Science, Technology, and Innovation, said that the manageable level of Covid-19, leading to the government’s resumption of all kinds of socio-economic activities, is the firm fundamental of keeping stable industrial production chain and attract new foreign investments.

The new factories opened up are viewed as investors’ high confidence, especially in Cambodia’s economic activities after the government’s successful control of Covid-19 pandemic through the vaccination campaign, he told Khmer Times.

“The number of new factories opened showed the confidence of investors in Cambodia,” Sokkung said.

Lim Heng, vice-president of the Cambodia Chamber of Commerce, shared the same sentiment.

“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.

Promulgated investment law and free trade pacts bilaterally and multilaterally are also factors, that open widely the markets to Cambodia-made products as well as attract new foreign direct investments, Heng said.

Source: https://www.khmertimeskh.com/501149392/cambodias-export-value-surges-26-in-january-august/