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Trade with Singapore soars

Trade with Singapore soars

The Kingdom’s total trade with Singapore soared 148 percent in the first half of the year, while exports to Hong Kong increased 80 percent in the same period, according to Ministry of Commerce figures.
The data showed that Cambodia’s exports to Hong Kong totalled in excess of US$10.4 million, up from about $5.7 million during the same period in 2010.

The country’s growing economy has attributed to the increase in export activity, according to ministry officials. “As the economy continues to improve, we are able to export more products, especially to Hong Kong where demand is growing,” Ministry of Commerce Department of Statistics Director Kong Putheara said.

“Many investors from Hong Kong are doing business in Cambodia and exporting back to their home country, which has pushed the export growth.”

Trade figures showed Cambodian imports from Hong Kong declined 3 percent between January and June from about $269.7 million to $260.6 million.

In the same period, total trade between the two countries also fell slightly, dropping about 1.5 percent from $275 million to $271 million. Meanwhile, bilateral trade with Singapore hit $175 million between January and June, a 148 percent increase on about $70.7 million in the first half of 2010.

A breakdown of the figures showed Cambodia exported more than $10 million worth of goods to Singapore, an increase of 22 percent from $8.4 million in the year-ago period. At the same time, the Kingdom imported $165 million in goods from Singapore, a 165 percent year-on-year increase from $62 million in 2010.

The majority of Cambodia’s exports to Singapore comprised garments, sand, gold and diamonds, Kong Putheara said, adding that he expects the growth to continue as the Asian economy improves.

“I don’t see any slowdown in trade with Hong Kong and Singapore as the demand continues to surge.”

Cambodia Chamber of Commerce Director General Nguon Mengh Tech echoed the positive outlook on trade with the two countries in upcoming years.

“We will have more opportunities to increase exports, especially agricultural products,” he said.

However, he added that strengthening farmers’ productivity was essential in improving agricultural exports and meeting international standards.

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