Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia's Q1 trade volume hits over $13B

Cambodia's Q1 trade volume hits over $13B

Content image - Phnom Penh Post
Cambodia’s international trade volume last year reached $48.01 billion, up 28.2 per cent compared to 2020. Exports grew 5.3 per cent to $19.30 billion from 2020 while imports surged 50.3 per cent to $28.70 billion. YOUSOS APDOULRASHIM

Cambodia's Q1 trade volume hits over $13B

The Kingdom’s trade volume reached more than $13 billion in the first quarter of this year, an increase of more than nine per cent compared to the same period last year. The Kingdom's exports also increased by more than 25 per cent.

According to the General Department of Customs and Excise (GDCE) under the Ministry of Economy and Finance, Cambodia's trade volume in the first three months hit $13.1 billion, an increase of 9.1 per cent over the same period in 2021, when $12 billion was recorded.

The export volume in the first quarter reached $5.7 billion, an increase of 25.7 per cent from $4.5 billion in the same period last year. Import volume accounted for $7.4 billion, a slight decrease from $7.5 billion in the same period last year.

The Kingdom's trade deficit in the first quarter was $1.7 billion.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said the Kingdom's effective Covid-19 control, high vaccination rate, and favourable political situation were the main factors behind the gradual increase in agricultural exports. This was also driven by Cambodia's free trade agreements (FTA) with other countries.

“The increase in trade volume reflects the fact that Cambodia is playing an important role in world production chain,” he said.

Nevertheless, he said Cambodia needs to do more on market diversification for its products to increase export volume and to address the deficit.

“To reduce imports, Cambodia needs to reap the benefits and make the most of its potential raw materials. Using local raw material will help Cambodia gain more added value,” he said.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng said the Kingdom's investment law, the effectiveness of FTAs with other countries, strong productivity, fair-wage labour, and advantage from some crisis-hit countries like Myanmar have enabled Cambodia to attract more investors and purchase orders from international markets.

He projected that the trade volume, and its exports in particular, will grow bigger.

“I am optimistic that Cambodia's trade with other countries around the world will expand as the country now has many more types of products for export,” he said.

In 2021, Cambodia's trade volume hit $48 billion, an increase of 28.2 per cent compared to the previous year. Exports accounted for $19.30 billion, an increase of 5.3 per cent, while imports amounted to $28.70 billion, an increase of 50.3 per cent, according to the GDCE.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • 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 “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • 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