Cambodia’s total trade volume in the first eight months this year remains positive despite the global economic fallout from the Covid-19 pandemic.
The trade volume reached $25,610 million in the January-August period, up 7.9 percent compared with the same period last year.
Cambodia’s total exports were worth $11,010 million, a year-on-year increase of 20.4 percent compared with the same period last year, according to a report from the Ministry of Economy and Finance, which stated total exports excluded gold.
Total imports were valued at $14,600 million, an increase of 26.7 percent in the same period, the report stated.
The eight-month export growth was driven by a increase in garments, bicycles and other export goods including furniture, rubber, fur skins, solar equipment, electronics and electric parts, wires and cables, bananas, sugar, as well other agricultural products including cassava and mangoes, the ministry stated in the report.
The increase in total imports was backed mainly by the increase in fabric imports, construction equipment, petroleum, and other products.
Cambodia’s economy has been affected by the negative impact of the Covid-19 pandemic, especially the Feb 20 event that put a lot of pressure on main sectors of Cambodia’s economic growth, read the report.
“As of August 2021, international tourist arrivals, activities in the construction sector and foreign investment have continued to decline. However, the non-garment exports, especially bicycles, electronics assembly, wooden products, gold and agricultural products have still continued to keep momentum and the garment export sector has continued to recover,” the report read.
Cambodia’s main trading partners are the United States, the European Union, China, Japan, South Korea, Thailand and Vietnam.
Lim Heng, vice-president of Cambodia Chamber of Commerce, said: “With trade pacts bilaterally and multilaterally, Cambodia is expected to receive more investment, which will boost both exports of finished products and imports of raw materials to feed the production chains.”
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.