Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian exports to the US soar

Cambodian exports to the US soar

Content image - Phnom Penh Post
Cambodia exported $5.36 billion worth of goods to the US last year, up 40 per cent from 2018. POST STAFF

Cambodian exports to the US soar

Cambodia's exports to the US were worth more than $5 billion last year, a sharp year-on-year increase.

The latest data from the US trade office shows that Cambodian exports to the world’s largest economy skyrocketed last year, growing by 40 per cent to reach $5.36 billion.

At the same time, the Kingdom imported $513.4 million worth of goods from the US, a 15 per cent year-on-year increase.

This is good news for the business community in the Kingdom, particularly after the EU on Wednesday announced the partial revocation of the Everything But Arms (EBA) scheme.

Speaking at a conference in Phnom Penh last week, US Ambassador to Cambodia Patrick Murphy praised the strong business ties between the two nations.

“The trade between our two countries is quite important. It’s a key pillar of our relationship and it’s getting stronger. Not everyone knows or appreciates this, but the US is the single largest country market for the Kingdom of Cambodia,” he said.

He said Cambodia exports large amounts of goods to the US, generating more than a million jobs in the Kingdom.

“It’s a key driver of economic growth. Thanks in part to what I modestly call the generosity of the US and the US Congress, Cambodia has been accorded trade benefits and has taken good advantage of those trade benefits.

“Exports to the US topped $5 billion last year, and a good portion of that is thanks to the Generalised System of Preferences [GSP]. Also part of that relationship is agriculture.

“It’s an important component in how we trade. Cambodian rice is now on the shelves of US supermarkets,” Murphy said.

Murphy encouraged Cambodian businesses to begin exporting new products to the US, particularly agricultural goods.

In July 2016, the US government expanded the GSP scheme to include travel goods from the Kingdom.

Last month, Ministry of Economy and Finance secretary of state Phan Phalla said garment exports to the US grew by 30 per cent in 2018 and 47 per cent last year.

“In 2020, I expect garment exports to Europe will drop or stagnate due to the impact of the EBA. However, this will be offset by the rapidly growing exports to the US, so we are not too concerned.”

The US remains Cambodia’s largest trading partner and export market. Cambodia is currently the US’ 66th largest goods trading partner with $4.3 billion in total bilateral goods trade during 2018.

US total imports of agricultural products from Cambodia totalled $24 million in 2018. The US imported mostly rice and rubber.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • Prime Minister Hun Sen warmly welcomed by president Biden

    Prime Minister Hun Sen, as ASEAN chair, and other ASEAN leaders were warmly welcomed by US president Joe Biden as the ASEAN-US summit May 12-13 kicked off today in Washington. “This evening, I welcomed ASEAN leaders to the White House for the first time in

  • Third Makro outlet planned for capital’s Chroy Changvar

    Makro (Cambodia) Co Ltd is set to invest $12.7 million in its third Cambodian outlet, this time in northeast Phnom Penh’s Chroy Changvar district, an area dotted with high-end residential developments, as shopping behaviours continue to evolve in tandem with economic growth. The Cambodian Investment