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
March 17, 2024
