Cambodia’s exports rise 15% in four months
Cambodia’s exports rise 15% in four months
Cambodia exported goods worth $8 billion in the first four months this year, up 15.2 percent from $7.60 billion in the same period last year, data from the General Department of Customs and Excise (GDCE) showed on Friday.
The Kingdom’s imports also rose by 9.3 percent to reach $8.66 billion during the January to April period, read the report.
The US was the biggest market for Cambodia’s exports with a total of $2.61 billion, followed by Vietnam and China with $1.71 billion and $486 million respectively.
The data showed that the bilateral trade between Cambodia and its trading partners amounted to $16.67 billion during the January-April period, a 12.1 percent increase compared to last year.
Penn Sovicheat, Secretary of State and spokesman of the Ministry of Commerce, said that the implementation of the Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP) agreement added momentum to the country’s export growth.
“Despite the war crisis and weakening of the purchasing power, Cambodian orders remained high, with the volume of orders remaining unchanged. Although there was a decline in some items, this was compensated by an increase in other items,” Sovicheat told Khmer Times.
The markets in RCEP members are huge for Cambodia’s products, he said.
Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), said markets under the trade preferences and free trade agreements with main trade partners have given huge markets for Cambodia’s products.
“The increase in exports reflects the high demand for Cambodia’s products in foreign markets,” Heng told Khmer Times.
Cambodia has also signed free trade agreements with China, South Korea and the United Arab Emirates (UAE) which helped its exports to these countries.
Prime Minister Hun Manet said at an event in April that the country is negotiating free trade agreements with several other countries too, urging stakeholders and producers to keep existing markets by maintaining standards and trust.
The Prime Minister also expressed the intention to transform Cambodia into a country that exports raw materials with the capacity to produce semi-finished and finished products to supply to domestic and export markets, thereby enhancing people’s livelihoods.
