Although the economic crisis unleashed by Covid-19 has driven large international trade declines, Cambodia-US trade seems to have largely eluded the clutches of the pandemic wobbles, worth $2.6549 billion in January-April, an increase of 24.48 per cent over the $2.1327 booked in the same period of 2020.
Of that, the Kingdom exported $2.5192 billion, up by 24.43 per cent year-on-year from $2.0246 billion, and imported $135.7 million, up by 25.53 per cent on a yearly basis from $108.1 million, according to the US Census Bureau.
Cambodia Chamber of Commerce vice-president Lim Heng told The Post that although Covid-19 influences production chains at all levels, the US market still boats large potential for the Kingdom’s finished textile products.
He said he remains optimistic that the upward trend of bilateral trade growth will continue as the US economy, which has been hard-hit by the Covid-19 crisis, shows more positive signs.
The Kingdom is also gaining traction in US market share due to the ongoing Sino-US trade row and investment diverted from Myanmar, he said.
“The trade volume between the two countries will increase further if Cambodia continues to qualify for the Generalised System of Preferences [GSP] from the US,” Heng said.
He asserted that plans in many countries around the world to reopen tourism would provide significant momentum for orders of garments and finished textile products from Cambodia.
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 US Census Bureau 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.