Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian exports to the US soar

Cambodian exports to the US soar

Content image - Phnom Penh Post
Cambodia exported $5.36 billion worth of goods to the US last year, up 40 per cent from 2018. POST STAFF

Cambodian exports to the US soar

Cambodia's exports to the US were worth more than $5 billion last year, a sharp year-on-year increase.

The latest data from the US trade office shows that Cambodian exports to the world’s largest economy skyrocketed last year, growing by 40 per cent to reach $5.36 billion.

At the same time, the Kingdom imported $513.4 million worth of goods from the US, a 15 per cent year-on-year increase.

This is good news for the business community in the Kingdom, particularly after the EU on Wednesday announced the partial revocation of the Everything But Arms (EBA) scheme.

Speaking at a conference in Phnom Penh last week, US Ambassador to Cambodia Patrick Murphy praised the strong business ties between the two nations.

“The trade between our two countries is quite important. It’s a key pillar of our relationship and it’s getting stronger. Not everyone knows or appreciates this, but the US is the single largest country market for the Kingdom of Cambodia,” he said.

He said Cambodia exports large amounts of goods to the US, generating more than a million jobs in the Kingdom.

“It’s a key driver of economic growth. Thanks in part to what I modestly call the generosity of the US and the US Congress, Cambodia has been accorded trade benefits and has taken good advantage of those trade benefits.

“Exports to the US topped $5 billion last year, and a good portion of that is thanks to the Generalised System of Preferences [GSP]. Also part of that relationship is agriculture.

“It’s an important component in how we trade. Cambodian rice is now on the shelves of US supermarkets,” Murphy said.

Murphy encouraged Cambodian businesses to begin exporting new products to the US, particularly agricultural goods.

In July 2016, the US government expanded the GSP scheme to include travel goods from the Kingdom.

Last month, Ministry of Economy and Finance secretary of state Phan Phalla said garment exports to the US grew by 30 per cent in 2018 and 47 per cent last year.

“In 2020, I expect garment exports to Europe will drop or stagnate due to the impact of the EBA. However, this will be offset by the rapidly growing exports to the US, so we are not too concerned.”

The US remains Cambodia’s largest trading partner and export market. Cambodia is currently the US’ 66th largest goods trading partner with $4.3 billion in total bilateral goods trade during 2018.

US total imports of agricultural products from Cambodia totalled $24 million in 2018. The US imported mostly rice and rubber.

MOST VIEWED

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Walmart plans to diversify stock of Cambodia goods

    Walmart Inc, the world’s biggest retailer, on June 22 reiterated recent plans to scale up and greatly diversify its purchases of Cambodian products, according to the labour ministry. This came during a virtual working meeting between Minister of Labour and Vocational Training Ith Samheng and

  • Cambodia detects new Covid cases after 52 days: PM

    After 52 days of zero new Covid-19 cases, Cambodia has now detected new infections, according to Prime Minister Hun Sen. In his special audio address to the nation late on June 28, Hun Sen said the new cases were detected on people who had undergone PCR tests

  • Cotton club growing in Battambang

    The global market for “vegan leather” – materials that act as alternatives to traditional leather that can be synthesised from cork, apple peels, cactus, recycled plastic, grape pomace and pineapple leaves, among other things, and supposedly require no chemicals or water to produce – is expected to