United Kingdom commerce reaches $ 614 million | Phnom Penh Publish

The Kingdom exported $ 580.6 million in items to the USA in January, up 3.69 % year-over-year to $ 559.9 million. STAFF

Bilateral commerce between Cambodia and the USA amounted to $ 614.5 million within the first month of this yr, up 4.89% from the $ 585.8 million posted in January 2020, in response to information from the US Census Bureau.

The Kingdom exported $ 580.6 million in items in the course of the interval, up 3.69% year-over-year from $ 559.9 million, and imported 33.9 million, up 30.88% year-over-year from $ 25.9 million.

On March 7, Cambodia Chamber of Commerce Vice President Lim Heng instructed the Publish that ongoing Covid-19 vaccination campaigns within the Kingdom and the USA will end in an annual enhance in bilateral commerce. for 2021, highlighting that the USA is the principle vacation spot for Cambodia’s exports.

Though the USA didn’t re-authorize its Common System of Preferences (GSP) commerce advantages program after it expired on December 31, Heng famous that the variety of worldwide corporations requesting the opening of factories within the Kingdom had proven no indicators of slowing down.

“America is a significant marketplace for Cambodia, so with the restoration of the American economic system, the demand for imports of all types of client items will enhance in parallel,” he mentioned. “When the US authorities subsequently renews the SPG [privileges] in Cambodia, there might be extra corporations with an American market that may come to put money into Cambodia. “

Heng is optimistic that dozens of recent Cambodian merchandise will debut within the US market this yr, along with present choices with excessive gross sales potential equivalent to clothes, footwear, luggage and electronics.

On the similar time, he cautioned that delivery prices have risen sharply in latest months and will probably act as boundaries to Cambodia’s worldwide commerce.

Hong Vanak, director of worldwide economics on the Royal Academy of Cambodia, identified that Cambodian-US commerce figures have been a vivid spot in a world commerce panorama noticed with Covid-19 spots.

“I imagine that with this first-rate begin, the whole commerce stability of the 2 international locations will enhance considerably in 2021,” he mentioned, including that textiles stay a precedence for Cambodian exports to the USA.

Commerce between Cambodia and the USA was $ 6.9213 billion final yr, up 17.89% from 2019, in response to information from the US Census Bureau.

Cambodian exports to the USA amounted to $ 6.5777 billion, up 22.79% from the $ 5.3568 billion posted in 2019, whereas imports reached $ 343.6 million. {dollars}, down 33.15% from $ 514 million.

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