Cambodia’s exports jump 32 percent in first four months of 2022

Cambodia exported goods for a total of $7,606 million in the first four months this year, a 32 percent increase over the same period last year, data from the General Department of Customs and Excises showed. From the January to April period, the US was the biggest market for Cambodia’s exports with a total of $2,923 million, followed by Vietnam and China with $977 million and $423 million, respectively. The data stated the bilateral trade between Cambodia and its trade partners amounted to $17,649 million during the January-April period, a 15.5 percent increase compared to last year. The trade figures increase showed a positive sign in the Kingdom’s economic growth, which was hit hard by the Covid-19. The Cambodian government fully resumed its socio-economic activities last November, mainly contributing to the economic recovery. Penn Sovicheat, undersecretary of state of the Ministry of Commerce, said that the implementation of the Cambodia-China Free Trade Agreement and the Regional Cooperation Economic Partnership added momentum to the country’s export growth. “Cambodia sees export increase year-by-year, and the implementation of the FTA between Cambodia and China and the RCEP contributes to adding momentum to the growth of export,” Sovicheat said. RCEP free trade agreement and Cambodia-China Free Trade Agreement entered into force on January 1, 2022. Having trade preference statuses and potential investment environment under the new investment law, the country’s export is expected to grow, said Lim Heng, Vice-president of the Cambodia Chamber of Commerce, said “Cambodia has room to attract more FDIs because of the potential investment environment. The country has free trade agreements, particularly trade preference statuses –EBA, GSP –more investments are expected to take place in the country,’ Heng said. Related to the US market, Prime Minister Hun Sen called more US investors and business people last week to expand their investment and businesses in the Kingdom. The Cambodia-US relationship in the economic, commerce, and investment sectors is on the trend of increasing, he said. This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily