Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian trade level rises

Cambodian trade level rises

Cambodian trade level rises

CAMBODIA’S total trade has risen around 18 percent in the first nine months of this year, compared to the same period of 2009, fuelled by growing garment exports.

Data released by the Ministry of Commerce yesterday showed the Kingdom’s total imports and export were worth US$5.975 billion from January until September this year, from $5.05 billion last year. Total exports surged about 21 percent to $2.536 billion from $2.096 billion on last year, while the total imports rose by 16 percent to $3.44 billion.

Both government officials and an independent economist yesterday cited the improvement of the local economy and the diversification of markets as growth factors.

“We have made the trade deals with many countries in the region in order to make more exports this year, which we had not done last time,” said Ok Boung, secretary of state for the Ministry of Commerce.

Kang Chandararot, an independent economist and president of Cambodia Institute for Development Study, agreed.

“The surge reflects the recovery of our economy as well as the world – which show reliable [growth],” he said.

He added that the main driver for export growth was garment and textile exports, after the government launched a policy to enhance competitiveness and seek new markets rather than relying solely on exports to the United States and European Union. He said rising imports “emphasised the growth of our economy”.

Quarter on quarter, trade grew around 14 percent, reaching $2.293 billion in the third quarter from $2.017 billion in the second. Of that, exports rose 40 percent, while imports decined by 1.4 percent.

Ok Boung put the decrease down to a surplus of raw materials imported during the first half of 2010.

RECOMMENDED STORIES

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all

  • Ex-RFA journos accuse outlet

    Two former Radio Free Asia journalists held a press conference yesterday claiming they are each owed $28,000 by the US-funded radio broadcaster, which shuttered its in-country operations in September amid a government crackdown on independent media. The journalists, Sok Ratha and Ouk Savborey, maintained they organised