Port of Sihanoukville in Cambodia. (Photo: khmertimeskh.com)
Phnom Penh (VNA) – Two-way trade betweenCambodia and the United States (US) has remained strong even during theCOVID-19 pandemic.
According to statistics from the US Census Bureau, bilateraltrade reached more than 5 billion USD during the period from January to September, an increase of16 percent compared with the same period last year.
Cambodia exported 4.8 billion USD worth of products to theworld’s largest economy, up 21 percent year-on-year, while it imported goodsworth a total 232 million USD during the period, down 40 percent year-on-year.
Public Affairs Officer of the US Embassy in Phnom Penh ArendZwartjes said Cambodia has benefited greatly from duty-free access to the USmarket through the Generalised System of Preferences (GSP) programme. Travelgoods (luggage, handbags and backpacks) are among Cambodia’s fastest growingexports to the US, with exports of them increasing from 50 million USD in 2016to nearly 1 billion USD in 2019 after being added to the GSP, he noted.
The US is Cambodia’s largest single export market, he said,adding that the US Embassy continues to work with Cambodia’s government andprivate sector to promote sales of more US products for more balancedtrade for the benefit of both sides.
Undersecretary of State and spokesperson at the Cambodian Ministryof Commerce (MOC) Penn Sovicheat said that Cambodia’s exports to the US marketso far have not been badly affected by COVID-19.
Cambodia mainly exports textiles, footwear, travel goods,bicycles and agricultural products to the US and imports vehicles, animal feedand machinery.
According to an MOC report, in the first nine months of thisyear, Cambodia exported more than 1.5 million bicycles to foreign markets,generating nearly 400 million USD. Half a million bicycles were sent to the USmarket.
Last year, bilateral trade between the two countries reached5.9 billion USD, a year-on-year increase of 37 percent./.
The Cambodian government has approved more than 830 million USD worth of electricity infrastructure projects, which consist of a 150MW hydropower dam, a 265MW coal-fired power station, and three transmission lines.
Cambodia welcomed only 1,247,680 foreign arrivals in the first three quarter of this year, a fall of 74 percent year on year, as the COVID-19 pandemic is lingering on, according to the latest report by the country’s Ministry of Tourism.
Cambodia earned 25.21 million USD from ecotourism services in the first nine months of 2020, according to Neth Pheaktra, Secretary of State and Spokesperson for the country's Ministry of Environment.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Port of Sihanoukville in Cambodia. (Photo: khmertimeskh.com)
