Thailand
US top Cambodian export destination Jan-June
The US market topped export destinations for Cambodian products during the first six months of 2021 as the two countries confirmed their commitment to continue strengthening bilateral cooperation, especially in the field of trade.
Figures from the Ministry of Commerce for the year’s first semester showed that Cambodia exported $3.019 billion worth of products to the US. That represented a 35 percent increase compared with the same period last year.
The Kingdom imported $173 million of goods from the US. That figure is 41 percent higher than results from the first half of 2020.
Two-way trade rose by 36 percent to $3.193 billion during 2021’s first semester.
Exports to the US accounted for about 36 percent of the Kingdom’s total exports Jan-June.
The Ministry of Economy and Finance’s first semester report cited the Kingdom’s total exports at $8.201 billion.
Other leading Cambodian export markets during the first six months of 2021 were the EU, China, Japan, Canada, the UK, Vietnam and Thailand.
Cambodia’s exports to the US were mostly garments and included goods such as footwear, bicycles and furniture. They were exported under the US Generalised System of Preferences (GSP).
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said yesterday that the trade preference acts a positive force in export growth to the US.
“The trade war between the US and China pushing tariff increases has created opportunities in Cambodia for foreign investors, particularly Chinese investors, to invest and increase production in Cambodia for export to the US,” Heng said.
Importers of the Kingdom’s travel goods to the US are now required to pay import duties because the GSP preferential tariff system expired on Dec 31.
While waiting for congressional approval, non-GSP import duties must be paid. They can be claimed back once the GSP is renewed.
Ministry of Commerce Under-Secretary of State Penn Sovicheat said recently that the last year has seen the two countries enjoy a brisk growth in trade.
“Exports to the US have continued to increase year-to-year,” he said, adding that the Cambodian goods showing an increase in exports include clothes, travel goods and footwear.
“Despite the pandemic, trade relations have maintained a good status. The US considers Cambodia to be one of its sources for imports and many US firms have increased their orders from Cambodia,” said Sovicheat.
Bilateral trade between the Kingdom and the US amounted to $6.9 billion in 2020, which was up 17.89 per cent from 2019.
The value of Cambodian goods exported to the US was $6.5 billion in 2020. That figure rose 22.79 per cent from the $5.3 billion recorded in 2019.
Cambodia shipped garments, non-garment goods and agricultural products worth $16 billion last year, a 14 percent increase compared with the 2019 results.
Source: https://www.khmertimeskh.com/50897620/us-top-cambodian-export-destination-jan-june/