Double digit growth for trade volume in 2014

Jan 2nd at 08:12
02-01-2015 08:12:15+07:00

Double digit growth for trade volume in 2014

Cambodia’s trade volume this year was valued at $18.1 billion, a 13.8 per cent increase from $15.9 billion in 2013, according to figures from the Ministry of Commerce.

The Kingdom’s exports increased by $800 million while its imports increased by $1.4 billion, according to a summary report released on the ministry’s official Facebook page on Tuesday.

Ministry spokesman Ken Ratha said yesterday that the figures were in line with Cambodia’s economic growth rate and increasing trade links in the region.

“We also see an increase in the volume of bilateral trade between Cambodia and some countries such as China, which signed an agreement to import 100,000 tonnes of rice from Cambodia [in August].”

The increasing import value, he said, was due to growth in the construction, agriculture, and manufacturing sectors.

“Cambodia imports machinery, electronic tools, construction-related materials and other raw materials for the manufacturing industry as there is no local production of raw materials in Cambodia yet,” Ratha explained.

The country’s export volume increased from $6.9 billion in 2013 to $7.7 billion this year, up 11.6 per cent, while the total import volume was up from $9 billion last year to $10.4 billion, up 15.5 per cent.

Despite political instability and hundreds of labour strikes, Cambodia’s economy still stands to reap the benefits of increased trade growth, said independent economist Srey Chanthy.

“While [some of] the growth reflects high demand for Cambodian products in the international market, the growth is also partly due to the economic wellbeing of other countries like the US and the EU,” he said.

Chanthy said he was optimistic the Cambodian economy would keep growing at 7 or even 8 per cent in 2015 as long as the manufacturing and agricultural sectors progress at the current rate.

phnompenh post



NEWS SAME CATEGORY

Number of tourists up for NYE in Kingdom

Local and foreign tourists flocked to the Kingdom’s various tourist destinations for New Year’s Eve in higher numbers than ever before, according to provincial...

Maiden downtown duty-free store opens

China Duty Free Group (CDFG) held the grand opening of their first downtown duty-free shop, known as Angkor Duty Free Store, yesterday on 4,500 square metres of...

Provinces target tourists for NYE

Cambodia's popular tourist destinations, both old and new, have ramped up their New Year’s Eve celebrations in order to attract more foreign tourists this year.

New fliers eyeing the Kingdom next year

Three more airlines are expected to apply for their Cambodian Air Operator Certificates early next year, senior officials at the State Secretariat of Civil Aviation...

Deal to aid Chinese tourism

Cambodia’s Ministry of Tourism signed an agreement yesterday with the Chinese International Travel Corporation (CITS) in a bid to boost Chinese outbound tourism to...

Vietnam Rubber Group finishes construction on its $5.2M rubber factory

Vietnam Rubber Group has inaugurated its first latex processing plant in Cambodia, according to Vietnamese media reports.

Temple set to undergo $4 million restoration

The Korea International Cooperation Agency (KOICA) has pledged $4 million towards restoring the Preah Pithu Temple inside the Angkor Wat World Heritage Site.

Demand for condos driven by foreigners

Although the supply for Phnom Penh’s condominiums currently outstrips demand, their numbers are expected to more than triple from 3,090 today to around 10,000 by...

Thai-based joint business council urged

The Phnom Penh-based Thailand-Cambodia Business Council has called for the government to set up an equivalent body in Thailand to help boost trade between the two...

China to fund farming centre

In a move it says will help Cambodia advance its agricultural sector, the Chinese government has announced its funding of a new agricultural training centre to the...


MOST READ


Back To Top