Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia exports to US rise by over 10 pct

Cambodia exports to US rise by over 10 pct

Cambodia exports to US rise by over 10 pct

Driven by a slowly recovering American economy, Cambodian exports to the US increased 11 per cent in the first quarter of 2014 compared with the same period last year, according to the latest US government data.

Cambodian exports from January to March totalled $771 million, up from $694 million a year earlier, according to the US government’s census trade data, released on May 6.

The figures caused Cambodia to climb one spot on the US’s list of biggest importing countries to 58th position.

Hiroshi Suzuki, chief economist at the Business Research Institute for Cambodia (BRIC), said the figures were unsurprising as the US economy continues its slow recovery following the 2008 global financial crisis.

“US is, and remains, the biggest export destination. Because of the better situation in US economy, it is expected that exports, especially garments, from Cambodia to US will increase in this year,” Suzuki said.

The US – along with Europe – is among the largest buyers of Cambodian garment products. In the last three months of 2013, manufacturers exported almost $2 billion worth of garment products to the US, according to the Cambodian Ministry of Commerce.

Suzuki cautioned, however, that the garment sector should further diversify its export destinations, citing the risk of external shocks to Cambodia’s economy arising from an overdependence on a single country.

MOST VIEWED

  • Ministry issues warning over coronavirus outbreak

    The Ministry of Health on Wednesday asked the public to be on “high alert” as a new virus wreaks havoc across Asia. However, no cases have been reported in the Kingdom thus far. The 2019 Novel Coronavirus (2019-nCoV) has raised the alarm for its similarity to

  • Call for boycott of Angkor unacceptable

    Dear Editor, I wish to express my strong disagreement on the article published by Traveller for their website with the title Best places to go in 2020: 12 destinations you should avoid. Below is my opinion of the article. It is obviously free for the Traveller to

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Gov’t slams UN rapporteurs over Sokha trial statement

    The Ministry of Foreign Affairs and International Cooperation and the Permanent Mission of the Kingdom of Cambodia to the UN Office in Geneva deplored the statement of three UN special rapporteurs who claimed that Kem Sokha’s trial was “tainted” due to irregularities. The reaction

  • No power shortages next dry season, says energy minister

    Minister of Mines and Energy Suy Sem has assured the public that Cambodia will not suffer power shortages during the next dry season. Speaking on local TV on Tuesday, Sem projected a rise in power demand during 2020’s dry season – which starts in November and

  • Gov’t takes steps to lower logistics, transport costs

    With the threat of losing trade privileges in the EU drawing closer, the government is taking measures to reduce logistics and transportation costs to safeguard the Kingdom’s competitiveness. The EU is due to decide whether or not to withdraw the Kingdom’s trade privileges