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US remains Cambodia’s largest export market
The United States remained Cambodia’s largest export market in the first five months of this year, according to the General Department of Customs and Excise (GDCE)’s report.
The report of GDCE, under the Ministry of Economy and Finance, showed that the Kingdom’s total exports to the US reached $3.19 billion during the first five months of 2023, down 14.3 percent from $3.73 billion for the same period in the previous year.
The US exports accounted for 34.8 percent of Cambodia’s total exports of $9.18 billion.
Cambodia-made products exported to the US are subject to regular import duties under the Most-Favoured Nation (MFN) status. However, travel goods exported from the country to the US benefited from the Generalised System of Preferences (GSP) until it expired in 2020.
The biggest share of Cambodia’s total exports to the world’s biggest economic nation are clothes, footwear, and travel goods, said Ministry of Commerce spokesman Penn Sovicheat.
“The US remains the biggest market for Cambodia’s products. Although the GSP scheme has not yet been renewed, exports to the US account for a major share in Cambodia’s total exports,” Sovicheat told Khmer Times.
Garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,326 factories and branches, employing some 850,000 workers, mostly female.
According to the Cambodia Footwear Association, the Kingdom exports travel bags and footwear to the two largest markets – the United States and the European Union. It also exports to Canada and ASEAN countries.
In 2023, the export situation might face difficulties as the orders have notably been down, said Ly Kunthai, chairman of the Cambodia Footwear Association.
Cambodia’s footwear products are likely to see a drop in purchase orders this year due to the prolonged war in Ukraine, Kunthai said earlier this year.
Last year, the bilateral trade between Cambodia and the US was valued at $6.92 billion, up 18 percent from 2021.
Source: https://www.khmertimeskh.com/501307389/us-remains-cambodias-largest-export-market/