Labour minister Ith Samheng (right) shakes hands with US ambassador to Cambodia W. Patrick Murphy on July 6. - Phnom Penh Post/ANN
PHNOM PENH (Phnom Penh Post/ANN): The "iTrade Bulletin", a publication from the Trade Training and Research Institute under the Cambodian Ministry of Commerce, has declared that the US is Cambodia's most substantial export market and the second-largest trade partner.
Cambodian exports currently benefit from the Generalised System of Preferences (GSP) under a World Trade Organisation scheme, following the cessation of GSP provided by the US in December 2021.
Items exported from Cambodia to the US include textiles, travel goods, wallets, engines, and electronic devices. In contrast, US exports to Cambodia encompass vehicles, engines, mechanical equipment, electrical devices, optical devices for medical use and surgery, as well as pharmaceuticals.
In 2022, the trade volume between the two countries stood at a substantial US$9.281 billion.
Earlier this week, Ith Samheng, Minister of Labour and Vocational Training, met with the US ambassador to Cambodia, W. Patrick Murphy. Both parties expressed their commitment to enhanced cooperation, aiming to boost trade volume, investment, and employment opportunities.
Economic analyst Hong Vannak from the Royal Academy of Cambodia remains optimistic that the trade volume between the two nations could surpass last year's, particularly regarding clothing, vehicles, and other commodities.
Vannak stated, "I anticipate orders from the US will increase, given the lack of diplomatic issues between the two countries. Moreover, the US-set conditions in this field have been well-implemented in Cambodia, supported by favourable investment conditions”.
However, during the first half of this year, trade volume between Cambodia and the US saw a decrease of 14 per cent, amounting to $3,292 million, in comparison to the same period last year. - Phnom Penh Post/ANN
