INCREASED global consumption has sparked growth in Cambodian trade so far this year, according to Ministry of Commerce (MoC) officials.
Official figures from the MoC obtained Tuesday show Cambodia’s total export market rose 13.82 percent to US$1.2 billion in the first five months of 2010, compared to last year’s $1.06 billion, while imports increased 17.45 percent to $1.74 billion, from $1.48 billion for the same period.
MoC Secretary of State Ouk Boung said Tuesday that the Kingdom is making clear progress as the global crisis fades.
“The growth is derived from the surge in global consumption.
“We are seeing many big companies from Japan, South Korea, and ... European countries coming to seek investment opportunities already this year – this demonstrates how the economy is improving,” he said.
However, Cambodian Economic Association (CEA) President Chan Sophal said the rise does not seem as favourable when one considers the trade decline from 2008 to 2009. Margins for Cambodia’s primary export, garments, are also being squeezed, according to Nam-Shik Kang, managing director of Korea’s Injae Garment Co Ltd.