Logo of Phnom Penh Post newspaper Phnom Penh Post - Non-gold goods trade tops $36B in Jan-Nov

Non-gold goods trade tops $36B in Jan-Nov

Content image - Phnom Penh Post
In 2020, the Kingdom’s exports reached $17.21537 billion, up 16.72 per cent year-on-year from $14.74874 billion, and imports stood at $18.59048 billion, down 7.84 per cent year-on-year from $20.17181 billion, according to the Ministry of Commerce. Heng Chivoan

Non-gold goods trade tops $36B in Jan-Nov

Cambodia's global non-gold trade exceeded $36 billion in the first 11 months of 2021, rising by more than 24 per cent year-on-year, according to Ministry of Economy and Finance data.

In the January-November period, non-gold goods exports amounted to $15.613 billion, up by 22.6 per cent year-on-year, driven by textiles, bicycles, furniture, fur skins, rubber, plastics, plank boards, construction materials, wiring and wiring components, electronic components, sugar, bananas, cassava, mangoes and other agricultural produce.

The analogous imports amounted to $20.4 billion, climbing by 25.3 per cent year-on-year, mainly buoyed by fabrics, construction materials and fuel, the ministry reported.

Despite Covid-19, Cambodia’s economy has recorded a gradual recovery, especially in areas such as tourism, construction and foreign direct investment (FDI), it said.

"Overall, the Cambodian economy is expected to grow positively in 2022 due to recovery in the economies of the Kingdom’s trading partners and the global economic situation, as well as the participation of Cambodians in the duty to vaccinate against Covid-19,” the ministry said.

The US was the largest buyer of Cambodian goods, with 42.8 per cent market share, followed by EU (18.5 per cent), mainland China (8.8 per cent), Japan (6.4 per cent), ASEAN (6.3 per cent), UK (4.2 per cent) and other markets (13 per cent), it said.

Royal Academy of Cambodia economics researcher Ky Sereyvath told The Post on January 9 that the increase in imports was a sign of strong domestic production and demand, now that Covid-19 is virtually under control in the Kingdom.

This growth is also due to lacklustre activity in countries with similar products to Cambodia, as well as the Kingdom’s good relations with trading partners, he said.

He argued that the trade deficit was not a major concern for the Cambodian economy, saying most imports were raw materials or other goods to support the production chain for export.

"The outlook for the Cambodian economy in 2022 is even better than in 2021, due to increased domestic production and exports," Sereyvath said.

In 2020, the Kingdom’s exports reached $17.21537 billion, up 16.72 per cent year-on-year from $14.74874 billion, and imports stood at $18.59048 billion, down 7.84 per cent year-on-year from $20.17181 billion, according to the Ministry of Commerce.

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio