Exports from Cambodia to the US soar by 17% in Q1

Exports from Cambodia to the US soar by 17% in Q1

According to US Census Bureau, exports from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than that of last year. Q1 of this year saw total exports of $1.86 billion even amid stoppages.

Cambodia

Textile exports
from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than
that of last year, according to US Census Bureau. The first quarter of this
year saw total exports of $1.86 billion even amid stoppages.

As per the
reports, the Cambodia imported $106 million worth of goods from the US. This
led to a 25% increase in Q1, 2020. Also, bilateral trade increased by 17%, and the trade
surplus increased by 16%. As per Ken Loo, Secretary-General, Garment
Manufacturers Association Cambodia, the US is one of the main buyers of
Cambodian goods like garments, travel goods, and textile. He also said that
last year Cambodia exported 40% of its goods to the US market. He also informed
that the US GSP has expired and Cambodia is waiting for its renewal. All the
travel goods shipments that enter the US from Cambodia are subject to import
duties.

As per Patrick
Murphy, US ambassador, the flow of trade and investments between the two
countries is increasing. He also said that the US companies bring along
business ethics, environmental standards, high labour, and corporate social
responsibility programmes that connect with local communities.

As per Anthony Galliano, President, American Chamber of Commerce in
Cambodia, consumer spending grew by 10.7% in the first quarter, which led to
increased purchase of Cambodian apparel, footwear, furniture, and leather
products.

Source: The
Phnom Penh Post

Image
Source: Wikipedia

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