Cambodia’s trade deficit hits 2.2 billion USD in 2016

Rice is one of Cambodia's key export commodities (Source: phnompenhpost.com)

Hanoi (VNA) – Cambodia’s trade deficit in 2016 reached 2.2 billion USD as its total trade value hit 21.93 billion USD, up 6.8 percent from 2015, according to the Cambodian Ministry of Commerce.

The country’s export earnings were 9.86 billion USD, an increase of 9.6 percent, while its import value upped 4.59 percent to 12.07 billion USD.

Cambodian Minister of Commerce Pan Sorasak said the main reason behind the big trade deficit was the fiercer competition between Cambodian products and foreign goods on the international market.

In order to boost its exports, Cambodia opened trade centres in China, including those in Beijing, Shanghai, Haining city in Zhiejiang province, Guangzhou city in Guangdong province and Xian city in Shaanxi province.

Thailand, Vietnam, Singapore, Malaysia, China, the Republic of Korea, Japan, the US and the EU are Cambodian’s big trade partners while garments and textiles, footwear, rice and rubber are Cambodia’s export staples.-VNA