Cambodia’s total trade volume was valued at $22.4 billion in the first five months of 2022, up 19.7 percent from 18.7 billion dollars over the same period last year, an official report showed on Monday.
The kingdom’s total exports were worth $9.41 billion during the January-May period this year, up 34.5 percent year-on-year, and total imports reached $13 billion, up 11 percent, according to the General Department of Customs and Excise’s report.
China is the largest trading partner of Cambodia, followed by the United States, Vietnam, Thailand and Singapore, the report said, adding that the Sino-Cambodian trade volume hit $4.99 billion, up 26 percent.
Cambodian Ministry of Commerce’s undersecretary of state and spokesman Penn Sovicheat attributed the remarkable growth to Cambodia’s high vaccination rates, free trade agreements (FTAs) as well as market diversification.
“The effectiveness of COVID-19 vaccines, the Regional Comprehensive Economic Partnership (RCEP) trade pact and the Cambodia-China FTA (CCFTA) are the key factors for boosting our trade growth,” he told Xinhua.
“We expect that the upward trend will continue throughout this year and in coming years.”
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Source: Khmer Times
Publication date: June 14 2022