Cambodia-U.S. Trade Volume Reaches US$2.1 Billion in First Four Months
AKP Phnom Penh, June 10, 2020 —
During the first four months of 2020, trade volume between Cambodia and U.S. has reached US$2.1 billion, up 29.31 percent compared to the same period of 2019.
The figure was shared lately by the U.S Trade Bureau, adding that Cambodia’s export to the U.S market was over US$2 billion, up 36.6 percent, while its import from the U.S was US$108.2 million, down from US$167.5 million or 35.4 percent.
According to the Cambodian Ministry of Commerce, most of Cambodian exported products to the U.S. were textiles, footwear, travel goods, and agricultural products, while the U.S. shipped mostly vehicles, animal feed, and machinery to the Kingdom.
In 2019, the two-way trade between both nations was amounted to US$5.8 billion, a year-on-year increase of 37 percent.
Thanks to the Generalised System of Preferences (GSP) the U.S. granted to Cambodia in 2016, the export of travel goods from the Kingdom has increased sharply.
According to the Garment Manufacturers Association in Cambodia (GMAC), 80 percent of the total US$1.2-billion-worth export of travel goods last year was shipped to the U.S.
“The United States is our biggest export market for the product accounting for about 80 percent of the total exports,” GMAC said.
Mr. Lim Heng, Vice President of Cambodia Chamber of Commerce, told AKP recently of the potential of exporting agricultural products to this world’s largest economy in addition to the garment products.
“Our agricultural products are potential. But they haven’t reached the U.S. market yet. If we can ship agricultural products to the U.S., it will contribute to boosting the agricultural sector in Cambodia,” Mr. Lim Heng said.
By Lim Nary & Chea Vannak