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

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Mr Pancake or M Crepe? Tasty by any title

    Crowds of people gather around a lone man with a mobile food cart every day at around 2pm in front of the Institut Francais du Cambodge to order what many say are the best crepes in Phnom Penh. To some – even to the man making

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused

  • PM sets tourism reopening as centrepiece of ATF 2022

    Prime Minister Hun Sen urged ASEAN to reopen tourism and trade now that many of the bloc’s member countries have vaccinated their populations. Speaking at the 40th ASEAN Tourism Forum 2022 (ATF 2022) in Preah Sihanouk province on January 18, the premier also said ASEAN has a