Cambodia-US trade remains strong despite COVID-19

Phnom Penh (VNA) – Two-way trade between Cambodia and the United States (US) has remained strong even during the COVID-19 pandemic.

According to statistics from the US Census Bureau, bilateral trade reached more than 5 billion USD during the period from January to September, an increase of 16 percent compared with the same period last year.

Cambodia exported 4.8 billion USD worth of products to the world’s largest economy, up 21 percent year-on-year, while it imported goods worth a total 232 million USD during the period, down 40 percent year-on-year.

Public Affairs Officer of the US Embassy in Phnom Penh Arend Zwartjes said Cambodia has benefited greatly from duty-free access to the US market through the Generalised System of Preferences (GSP) programme. Travel goods (luggage, handbags and backpacks) are among Cambodia’s fastest growing exports to the US, with exports of them increasing from 50 million USD in 2016 to nearly 1 billion USD in 2019 after being added to the GSP, he noted.

The US is Cambodia’s largest single export market, he said, adding that the US Embassy continues to work with Cambodia’s government and private sector to promote sales of more US products for more balanced trade for the benefit of both sides.

Undersecretary of State and spokesperson at the Cambodian Ministry of Commerce (MOC) Penn Sovicheat said that Cambodia’s exports to the US market so far have not been badly affected by COVID-19.

Cambodia mainly exports textiles, footwear, travel goods, bicycles and agricultural products to the US and imports vehicles, animal feed and machinery.

According to an MOC report, in the first nine months of this year, Cambodia exported more than 1.5 million bicycles to foreign markets, generating nearly 400 million USD. Half a million bicycles were sent to the US market.

Last year, bilateral trade between the two countries reached 5.9 billion USD, a year-on-year increase of 37 percent./.