Bilateral trade volume between Cambodia and the US last year rose 27 per cent to more than $3 billion, Cambodian Minister of Commerce Pan Sorasak said on Monday.

Sorasak said bilateral trade between Cambodia and the US last year increased by about $700 million to $3.31 billion, from $2.61 billion in 2017.

During the fifth coalition council meeting on the Trade and Investment Framework Agreement between Cambodia and the US, the minister said the US is the Kingdom’s second largest market, with Cambodian exports to the US valued at $2.88 billion and imports from the US worth $426 million.

He added that access to the UN Generalised Scheme of Preferences has significantly contributed to help drive trade between the two countries.

According to the Ministry of Commerce, last year the Kingdom’s total exports to international markets amounted to over $12.1 billion, up 10 per cent from 2017. The ministry forecasts that Cambodia’s exports could reach $13 billion this year.

However, according to a National Bank of Cambodia (NBC) report released this week, the Kingdom exported more than $13 billion last year.

The NBC report showed that Cambodia imported more than $18 billion worth of goods last year, leaving Cambodia with a trade deficit of more than $5 billion.