Logo of Phnom Penh Post newspaper Phnom Penh Post - Bilateral trade with US soars 28.5% in first eight months

Bilateral trade with US soars 28.5% in first eight months

Content image - Phnom Penh Post
In January-August, Cambodian exports to the US amounted to $5.2206 billion, up 27.88 per cent year-on-year, and imports $278.8 million, up 40.59 per cent. FRESH NEWS

Bilateral trade with US soars 28.5% in first eight months

Bilateral trade between Cambodia and the US in the first eight months of 2021 totalled $5.4994 billion, surging by 28.47 per cent versus $4.2805 billion in the same period of last year, according to the US Census Bureau (USCB).

Cambodia-US trade has avoided dipping into negative territory, even as SARS-CoV-2, the coronavirus that causes Covid-19, continues its global path, disrupting a fair share of production chains.

In January-August, Cambodian exports to the US amounted to $5.2206 billion, a 27.88 per cent year-on-year uptick, and imports were worth $278.8 million, climbing by 40.59 per cent, the USCB reported. The Kingdom’s trade surplus with the US widened by 27.2 per cent from $3.884 billion to $4.942 billion.

In August alone, the Kingdom’s exports to the US were valued at $922.1 million, up by 33 per cent year-on-year from over $692.5 million, and imports clocked in at $43.0 million, up by over 52 per cent from $28.2 million in August 2020.

Hong Vanak, director of Ianternational Economics at the Royal Academy of Cambodia, told The Post on October 9 that the positive trade performance between the two countries was due to a number of key ingredients, such as improvements in diplomatic ties and shifts in production conducive to meeting the needs of the US market.

He also attributed the solid trade growth momentum to “trouble” in countries that export to the US market, mainly a reference to Myanmar.

“As the US has always wanted good relations with ASEAN countries, I remain optimistic that Cambodia’s export market will be even larger in the future,” Vanak said.

Bilateral trade between the Kingdom and the US amounted to $6.9213 billion in 2020, up 17.89 per cent from 2019, data from the American Chamber of Commerce in Cambodia (AmCham) show.

The export value of Cambodian goods was $6.5777 billion, up 22.79 per cent from the $5.3568 billion posted in 2019, while goods imported from the US were worth $343.6 million, down 33.15 per cent from $514 million.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Cambodia purchases 4 million Molnupiravir tablets

    Cambodia has arranged for the purchase of four million US-made Molnupiravir pills – enough to treat 100,000 Covid-19 patients – even though the current rate of daily infections in Cambodia remains low. The medicine will be distributed to state hospitals, pharmacies and private clinics, according to the Samdech

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia planning new border checkpoint at Thma Da

    Cambodia is looking into the possibility of opening a new Thma Da Border Checkpoint with Thailand to boost trade and tourism. The Ministry of Public Works and Transport said on December 4 that Minister of Public Works and Transport Sun Chanthol led a technical working group

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be