The trade volume between Cambodia and China reached more than $11.1 billion last year, representing a 37.28 per cent year-on-year surge, the Chinese embassy in Phnom Penh reported, quoting figures from the Ministry of Commerce.
In 2021, Cambodian exports to China amounted to $1.51 billion, rising by 39 per cent year-on-year, and imports were to the tune of $9.63 billion, up by 37 per cent over 2020, the data show.
This means the Kingdom’s trade deficit with China widened to more than $8.1 billion in 2021, from around $6 billion in 2020.
Cambodia Chamber of Commerce vice-president Lim Heng said the Kingdom’s strong relations with China has greatly helped boost the Cambodian economy, especially through agricultural exports to the Chinese market.
He explained that the trade deficit was due to a bona fide need that Cambodia shares with many developing countries for raw materials and various production inputs used to make, inter alia, garments and other textile-related goods, electronics and electronic equipment.
“In the coming years, the trade volume between the two countries will increase further as we start to implement the bilateral free trade agreement, together with the new investment law, which will provide more favourable conditions,” Heng said.
“We expect both exports and imports to continue to grow.”
For full article, please read here
Author: Hom Phanet
Source: The PhnomPenh Post
Publication date: 31 January 2022