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Cambodia’s Export Declines 2%, Import Increases by 58%

  • Posted Dec 28, 2021 13:28 by Yuri Matoszko
  • 2530
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PHNOM PENH: The Ministry of Commerce has released a report for 2021 showing that Cambodia’s export in the first ten months of this year has declined 2% compared to the same period last year, while the import has increased by 58% in the same ten months of this year. The export of Cambodian goods in the first ten months of this year is 2% less to the same period in 2020, equals to $14,286 million less, while import has reached $23, 06 million, an increase of 58%.

According to the report, the largest exporter to Cambodia is the United States, with over $6 billion amounted. At second comes the European Union with more than $2.6 billion, followed by China taking $1 billion. ASEAN imports to Cambodia reaches more than $10 billion and China nearly $8 billion. Cambodia's largest exports are goods in garments, footwear, travel equipment, machinery and electrical appliances, while Cambodia's imports are textiles, construction materials and metal.

Ministry of Commerce spokesman Seang Thai told EAC News the reason for the sharp increase in imports in the first 10 months of 2021 is due to the impact of Covid-19, with Cambodia in need to import lots of raw materials to serve the export and national development. He added that such imports of raw materials which Cambodia does not have in hands to support the growing production is a good sign of development.

Seang Thai has stated that it is true that Cambodia, like other countries, has been affected by Covid-19 leading to export barriers. However, some of Cambodia's main exports remain strong. In terms of re-importation, we import essential goods such as textile, yarn, machinery, steel, cement, etc. To serve the production of textiles, construction and agriculture. He has also added that Cambodia import all kinds of oil, which makes the import figures increase significantly.

According to Seang Thai, the trend of exports may have some increase at the end of this year.

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