Effective jab drive boosts Cambodia’s Q1 int’l trade
Effective jab drive boosts Cambodia’s Q1 int’l trade
The first quarter of 2022 clocked over $13 billion in international trade, nine per cent more than last year, with exports jumping 25.7 per cent year-on-year.
According to the General Department of Customs and Excise, Cambodia’s foreign trade from January to March totalled $13.163 billion compared to $12.064 billion in the corresponding period last year.
The data showed that Cambodia’s exports amounted to $5.717 billion from $4.549 billion while imports were valued at $7.446 billion, marginally down from $7.515 billion.
The Kingdom registered a trade deficit of $1.729 billion during this period, contracting by almost 42 per cent from the nearly $2.97 billion logged in January-March 2021.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post that effective coronavirus control, high vaccination rates and favourable political conditions gradually boosted Cambodia’s manufacturing sector.
It was also aided by the implementation of free trade agreements that Cambodia is party to.
“The rise in international trade volume shows that Cambodia is becoming an increasingly important country in the global supply chain through export growth,” he said.
However, Vanak said more efforts should be made to diversify production and export markets and reduce imports, because the trade balance was still negative.
“To reduce imports, Cambodia needs to consider the potential of consuming more domestic raw material. Using local materials will help Cambodia add more value to products,” he said.
Cambodia Chamber of Commerce vice-president Lim Heng said increased exports were also due to new investment law and trade agreements, and the strength of production activities and affordable labour.
In addition, there were gains in market share by competitors affected by unprecedented challenges posed by Covid-19 and regional political issues, such as Myanmar which saw an influx of investment and orders from international markets.
As such, Heng expressed optimism that the growth in international trade volume, especially Cambodia’s exports, would be larger.
To recap, Cambodia’s international trade volume last year reached $48.01 billion, up 28.2 per cent compared to 2020.
Exports grew 5.3 per cent to $19.30 billion from 2020 while imports surged 50.3 per cent to $28.70 billion.
