21% rise in Cambodia’s trade in Jan-Jul 2022, US biggest export market

Garment, footwear and travel goods shared almost half of the total commodity exports, followed by non-garment products and agricultural products.

Cambodia’s international trade rose to $32.82 billion between January and July this year, a year-on-year (YoY) rise of 21.3 per cent. Cambodia exported $13.78 billion worth of goods during the duration—up by 30.7 per cent compared to the same period last year. The United States is the biggest market, accounting for 43 per cent of the total exports.

The latest report of the general department of customs and excise shows the country’s total imports rose by 15.4 per cent during the same period to $19.05 billion.

Exports to the United States worth $5.69 billion posted a 47.3 per cent YoY increase.

The rise in exports to the United States is remarkable considering the still-pending renewal of the generalised system of preferences, a newspaper report in the country noted.

Vietnam and China ranked second and third, importing $1.32 billion and $701 million worth of products from Cambodia respectively, it said.

China was the largest trading partner of Cambodia, followed by the United States, Vietnam, Thailand and Singapore. Bilateral trade volume between the two countries was valued at $6.97 billion in the first seven months of 2022, up by 15.6 per cent YoY.

Trade with China accounted for 21 per cent of Cambodia’s total trade volume of $32.8 billion between January and July.

The report attributed the spurt in production and trade to the resumption of socio-economic activities, trade pacts such as the Regional Comprehensive Economic Partnership (RCEP) and bilateral free trade agreement with China.

Fibre2Fashion News Desk (DS)