Illustrative image (Source: VNA)
In the reviewed period, Cambodia’s shipments to the US rose 38 percent to 3.9 billion USD, while imports from the US were 400 million USD, a rise of 24 percent.
According to the Cambodian Ministry of Commerce, the country mostly exported textiles, footwear, goods for travelling, and agricultural products to the US, while importing vehicles, animal feed, and machinery from the US.
Kaing Monika, deputy secretary-general of the Garment Manufacturers Association in Cambodia (GMAC), said trade between the nations is experiencing healthy growth.
He noted that goods in service of travel experienced the highest growth because they have tariff-free access to the US market under the Generalized System of Preferences (GSP).
Garments and footwear, Monika explained, experienced smaller growth because of fierce competition from Vietnam and Myanmar.
In July 2016, Cambodia was granted duty-free benefits for export of travel goods like luggage, backpacks, handbags, and wallets to the US under GSP. Cambodia now has about 70 travel goods factories.
Last year, the Cambodia-US trade reached 4.26 billion USD, up 23 percent over 2017, including Cambodia’s exports of 3.8 billion USD./.