Logistics firms saw a new level of diversity in Cambodian exports, a trend that would protect the economy from external shock, several shipping companies said.
The Kingdom is on the right track to diversify and increase the export of agricultural products, while decreasing its reliance on garments, Matthew Soloman, Chief Representative of Ben Line Agencies Vietnam & Cambodia told the Post.
Balance in import and export is important to avoid a large payment deficit, and this balance will come through increased diversification and development and will eventually lure manufacturing to the Kingdom he said.
Soloman said the Cambodian export and import market was “dominated” by the garment sector.
“If the Cambodian market continues to focus on the garment sector for export, it won’t be good for the country.”
An increase in furniture being produced for export is expected he told the Post, adding that this would contribute to the increasing diversification of Cambodia’s export sector.
Haven Shipping Agency’s sale manager, Nisay Teng, said he noticed an increase in Cambodia’s export of agricultural products to foreign markets this year.
Cambodia’s agricultural products are usually exported to Russia, European countries, African countries and some Asian countries.
Cambodia will need more time to build a strong production base and avoid importing too many of it’s commodities, he also remarked on mutual support and co-operation between the government and the private sector in improving Cambodia’s production base.
A large amount of capital is unnecessary, the experts, technology and experience will drive growth in the Kingdom he said. Cambodia’s total export rose by 19 per cent year-on-year in the first quarter of 2012 to US$3.2 billion from $2.7 billion which meant a $474 million trade deficit said Nguon Meng Tech, director of the Cambodian Chamber of Commerce.
To contact the reporter on this story: May Kunmakara at email@example.com