Bilateral trade between Cambodia and the UK in the first seven months of 2022 rose by 45.5 percent year-on-year, with further increases seen as London refines its new Developing Countries Trading Scheme (DCTS) to replace the Generalised Scheme of Preferences (GSP) early in 2023, which is expected to improve access to the UK market for Cambodian merchandise.
General Department of Customs and Excise (GDCE) statistics show that from January to July, Cambodia-UK trade reached $581.374 million, compared to $399.583 million in the same period last year.
Cambodian exports to the UK soared by 43.08 percent to $527.733 million, and imports mushroomed by 74.48 percent to $53.642 million. Cambodia’s trade surplus with the UK expanded by 40.22 percent to $474.091 million.
Cambodia Chamber of Commerce vice-president Lim Heng told The Post on August 21 that prior to the worst ravages of Covid-19, trade growth between the two kingdoms had been consistently positive, even as the UK adopted a new GSP after its withdrawal from the EU on January 31, 2020, commonly known as Brexit, which offered duty-free access for a range of Cambodian items.
“The UK is a major European buyer and a gainful market for Cambodian goods,” he said, voicing optimism that through the preferential trade arrangements offered by the four-nation union, “Cambodia’s exports to the UK will be able to gain huge swings of momentum down the road”.
Major Cambodian exports to the UK include garments, footwear, handbags, bicycles, and agricultural products, while key imports comprise vehicles, machinery, electrical and electronic components, and construction materials.
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Author: Hin Pisei
Source: The Phnom Penh Post
August 25, 2022
