Source: ANTARA
Source: ANTARA
The US remains the primary recipient of Cambodian goods, accounting for nearly a third of the country’s total exports in the first two months of 2024, as reported by the General Department of Customs and Excise (GDCE).
Between January and February, trade activity between the two nations reached $1.33 billion, a surge of 14% from $1.17 billion in the corresponding period of 2023. Cambodia’s exports to the US were valued at $1.29 billion, increasing by 14.8%, while imports totalled $36.22 million, a decrease of 7.3%.
Cambodia’s trade surplus with the world’s largest economy expanded to $1.26 billion, up from $1.09 billion in the same interval last year. Bilateral trade for the period constituted 16.41% of the Kingdom’s total international sales volume, approximately $8.12 billion.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on March 14 that despite global economic growth not reaching pre-pandemic levels, the country’s exports to the US have demonstrated a positive recovery since late 2023.
He anticipates this trend to persist as Cambodia now offers a wider range of products catering to global market demands.
He added that the US, being a substantial market, consistently imports Cambodian goods, predominantly textiles.
“The recovery in demand for textile products in the US, along with the increase in Cambodia’s production capacity, will provide the Kingdom with an opportunity to earn more from this bilateral trade. The US is Cambodia’s main market for textiles,” he said.
“The recent surge in exports to the US is due to the increasing activity in global tourism. Clothing, shoes and travel goods will see higher demand as people travel more frequently,” he explained.
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Author: Hin Pisei
Source: The Phnom Penh Post
Business and trade volume between Cambodia and Vietnam is anticipated to grow, as representatives of the Vietnam-Cambodia Business Association (VCBA) have committed to promoting investment opportunities in the Kingdom to Vietnamese investors.
The pledge was made by VCBA president Leng Rithy during a meeting where he led delegates from 16 companies, most of which are actively investing in Cambodia, to engage with Sun Chanthol, deputy prime minister and first vice-president of the Council for the Development of Cambodia (CDC), at the council’s headquarters in Phnom Penh on March 6.
Rithy stated that the association’s members are keenly interested in Cambodia’s rapid development, particularly the efforts of the government in the new legislature.
He mentioned that in the past, he and member companies have shared their experiences in investing in agricultural sectors such as rice and rubber in concert with Cambodian farmers and investors.
He asserted that through effective collaboration with the council, the association is committed to enhancing the visibility of Cambodia’s financing opportunities to a broader spectrum of Vietnamese investors.
“VCBA will work with the CDC to showcase the Kingdom’s potential to financiers in Vietnam, with the aim of attracting them to various Cambodian sectors, especially agriculture,” he stated.
In response, Chanthol expressed his gratitude to all investors who have contributed to Cambodia’s economy and expressed optimism for further growth from existing firms in the country.
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Author: Hin Pisei
Source: The Phnom Penh Post