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

May 19, 2021
Exports from Cambodia to the US soar by 17% in Q1

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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