Cambodia-US trade reaches $8.4 billion in Jan-Oct period
Cambodia-US trade reaches $8.4 billion in Jan-Oct period
Bilateral trade between Cambodia and the United States reached $8.45 billion in the first 10 months of 2024, seeing an increase of 9.7 percent compared to the same period in 2023, according to an import-export data from the General Department of Customs and Excise of Cambodia (GDCE), early this week.
GDCE data showed that from January-October 2024, Cambodia exported goods to the United States worth $8.23 billion, an increase of 9.8 percent and Cambodia’s import from the US was worth $217 million, an increase of 7.5 percent.
Cambodia’s exports to the United States include clothing, travel goods, bicycles and other consumer goods. Cambodia’s import from the United States are cars, machinery, jewellery, cosmetics, electronics and other consumer goods.
Duch Darin, economist and professor at the Royal School of Administration, told Khmer Times that, despite the challenges in the global economy, the growth of Cambodia’s exports reflects the resilience and quality of Cambodian production lines.
“I hope that Cambodia will continue to strengthen trade and investment relations with the US, along with increasing regional and global trade,” Darin said.
Darin observed that US investment in Cambodia covers key areas such as tourism, services, construction, agriculture, textiles, energy, industry and hotels.
Major US companies that have invested include Caltex, Chevron, Coca-Cola, Unocal, Conoco, Jupiter, Northbridge and R.M. Asia. Ford recently opened a car assembly plant in Pursat.
US franchises are also very popular in Cambodia, especially in the food and beverage, retail and hospitality sectors. Well-known brands such as Starbucks, Burger King, KFC, Domino’s, Century 21, Papa John’s, Marriott and Hyatt have contributed to the country’s economic development by providing quality options and creating more jobs for locals.
“In order to attract more investment from the US, Cambodia should continue to maintain peace, political stability, and continue to strengthen economic freedom, because economic freedom increases the confidence of American investors and encourages long-term US investment,” Darin added.
An official report from GDCE released on Monday said Cambodia exported products worth $21.57 billion in the first 10 months of 2024, up 16 per cent from $18.59 billion in the same period last year. The main exported items included garments, footwear, travel goods, bicycles, car tires, and potential agricultural produce such as rice, rubber, cassava, bananas, mangoes, and longans.
The report added that the top five export destinations for Southeast Asian nations are the United States, Vietnam, China, Japan, and Thailand.
