Logo of Phnom Penh Post newspaper Phnom Penh Post - Report: Kingdom’s total exports increase to $10 billion this year

Report: Kingdom’s total exports increase to $10 billion this year

Content image - Phnom Penh Post
Workers at a garment factory in Takhmao town. Garments lead the Kingdom’s total exports for this year Scott Howes

Report: Kingdom’s total exports increase to $10 billion this year

The Kingdom’s total exports for this year increased more than 23 per cent from last year to $10.36 billion, led by garments and agro-products, according to the Ministry of Commerce’s annual report.

The report shows that during the period from December last year to November this year, the Kingdom exported $10.36 billion of goods, an increase of $1.93 billion, to 147 countries.

During the two-day annual meeting on Monday and Tuesday, Minister of Commerce Pan Sorasak said the growth of the garment industry is pushing Cambodia’s exports.

“The volume of exports is equivalent to 60 per cent of Cambodia’s GDP,” he said, adding that the ministry had undergone many reforms such as strengthening good governance, promoting public service, amending procedures and laws and enforcing the commerce policy.

According to the report, 51 garment factories were registered this year under the Generalised System of Preferences, 19 more than were registered last year – a 59.4 per cent increase.

The report shows that there were 156 other factories and export companies registered last year, an increase of 19 companies, or 13.9 per cent, compared to the same period last year.

“The commerce policy helps boost the value of agro-products, food safety, expand the rice quota to China as well as other markets following the free trade agreement,” Sorasak said, adding that the annual meeting will reflect the result of this year’s operations and move forward to new tasks for the coming year following government evaluation and strategy.

Cambodia Chamber of Commerce (CCC) director-general Nguon Meng Tech added that the CCC will work closely with the ministry to track all potential information for attracting investors.

“Our exports still have more room to grow – we will work closely with the Ministry of Commerce to attract more investors, since we have a very strong policy for promoting investment,” he said.

International financial institutions, including the World Bank, Asian Development Bank and the International Monetary Fund, forecast Cambodia’s economic growth rate as hitting an average of seven per cent this year.

The growth was driven primarily by domestic consumption and exports, which are largely supported by strong demand in the US and EU.

MOST VIEWED

  • US imposes sanctions on Oknha Pheap and Kun Kim

    The Ministry of Foreign Affairs and International Cooperation expressed strong dismay on Monday over the designation of Cambodian tycoon Oknha Try Pheap and General Kun Kim under the US’ Global Magnitsky Act. “It is very disturbing when the public figures of a country become the

  • Mother, daughter killed in hotel fire

    The bodies of a mother and daughter were found locked in an embrace after they were killed in a hotel fire in Phnom Penh at around 3:30am on Wednesday at the Phkar Chhouk Tep 2 Hotel and Restaurant in Phsar Doeum Kor commune, in the capital’

  • EBA withdrawal a destruction of EU achievements, PM says

    Prime Minister Hun Sen said the EU’s possible suspension of its Everything But Arms (EBA) agreement amounted to a destruction of its achievements in the Kingdom and the demise of the opposition group. Hun Sen made the remarks while addressing more than 6,700 students during

  • Rights Day forum denied in Sihanoukville

    The Preah Sihanouk provincial administration last Saturday denied the request of land communities for a public location in the province to celebrate International Human Rights Day 2019 as the administration had already held forums to discuss land issues. However, the land community representatives said they would

  • Kingdom calls on Japan to increase number of direct flights to Siem Reap, Phnom Penh

    Cambodia is requesting Japan to increase the number of direct flights from Japanese cities and provinces to Phnom Penh and Siem Reap, so as to contribute to increasing cooperation and tourist numbers between the two countries. During the opening ceremony of 3rd Japan Travel Fair

  • Court orders Sokha to stand trial on January 15 for treason

    The Phnom Penh Municipal Court has set January 15 as the trial date for Kem Sokha, the former president of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) who is under court-supervised bail on a treason charge. In a press release issued on Monday, the municipal