Thailand
Cambodia’s foreign trade declines 29% in January
Cambodia’s foreign trade declined by 29 percent in January 2023 compared to the same period in 2022 and recorded $3.4 billion, according to a report by the General Department of Customs and Excise (GDCE) yesterday.
Cambodia’s export registered $1.5 billion during the period, a decrease of 14 percent, the report said. The Kingdom’s imports decreased by 37.5 percent to $1.9 billion.
The US remained the biggest market for Cambodia-made ¬products, with exports netting $562 million in January this year. The US also accounted for 37 percent of the total export amount, a 23 percent decrease year-on-year, the report said.
The other main markets are Vietnam and Thailand with a total export of $172 million and $107 million respectively.
Import from China was valued at $891 million, making China the top country in terms of import of goods to Cambodia.
Prime Minister Hun Sen last week invited Chinese investors and businessmen to invest and expand businesses in Cambodia, taking advantage of the country’s free trade agreements and mega-regional trade pact.
Cambodia is a member of the World Trade Organization, a member of ASEAN and a party to the RCEP, a signatory to the Cambodia-China, Cambodia-Korea Free Trade Agreements. It is also considering trade pacts with more countries such as the United Arab Emirates (UAE), which could be finalised soon, the premier said.
Cambodia’s main exports are garments, machinery and electrical appliances, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables and other textile goods.
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, Lim Heng, Vice-President of the Cambodia Chamber of Commerce said.
The RCEP and Cambodia-China FTA came into force early this year. The Cambodia-Korea FTA was put into force in early December last year.
The trade pacts are expected to increase the trade volume and create more export opportunities, besides attracting new foreign investment to Cambodia.
Source: https://www.khmertimeskh.com/501238161/cambodias-foreign-trade-declines-29-in-january/