US remains Cambodia’s biggest export destination
04/01/2024 116
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The country’s shipment to the US accounted for 38.25 percent of the total export volume of $21,292 million in the January-November period, making the US remains the biggest market for Cambodia’s products.
Imports from the US decreased by 23.97 percent to $223 million.
Despite the trade scheme – Generalized System of Preference (GSP) expires in 2020; Cambodia’s products such as garments, footwear, and light manufacturing products are exported to the US with tariff under the Most Favoured Nation (MFN) treatment to the US market.
Cambodia’s main products exported to the US are apparel, clothing accessories, leather, travel goods, handbags, electrical machinery and equipment, and footwear, while it imports vehicles, machinery and mechanical appliances, medical instruments and pharmaceutical products from the US.
The current major markets for Cambodia’s garment, footwear, and travel (GTF) goods are Europe, the United States and Canada.
The GTF goods exports to the main markets – Europe and the US – have experienced a decline due to the Ukraine war and inflation, according to the Cambodian Footwear Association.
The US market has remained potentially the biggest export destination for Cambodian products, said Hor Sereyvath, chairman of the Innovations and Development Investors Association.
“We have recently prepared visits for Cambodian entrepreneurs and producers to explore the opportunity of seeking partners, learning legal compliance and procedures on exports, and understanding opportunities and challenges in exporting products from Cambodia to the US,” he said.
The trade preferences for both GSP and MFN have boosted the export of Cambodian products to the US, accounting for the largest share of the country’s exports, said Penn Sovicheat, Secretary of State of the Ministry of Commerce.
Talking to Khmer Times, Sovicheat said, “The US market has remained potentially the biggest export destination for Cambodian products whether the GSP scheme is renewed or not.”
Source:The Khmer Times
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