[INNEWS Comprehensive Report] Recently, Penn Sovicheat, State Secretary and Spokesperson of the Cambodian Ministry of Commerce, revealed that the ministry expects Cambodia’s exports to the United States to return to the growth track by the end of this year, although bilateral trade between the two countries has continued to decline for a period of time.
He pointed out that although the global economic crisis, war crisis, sanctions against Russia, Sino-US trade hostility, rising international oil prices, rising inflationary pressures, and climate change not only affect trade between Cambodia and the United States, trade with other countries is also declining. But by the end of the year, exports are expected to pick up slightly as U.S. demand picks up, especially over the Christmas or New Year period.
A report released by the Cambodian Customs Administration shows that in the first eight months of 2023, the bilateral trade volume between Cambodia and the United States exceeded US$6.272 billion, a decrease of 5.6% from US$6.645 billion in the same period in 2022. Cambodia’s exports to the United States exceeded US$6.111 billion, while imports from the United States were approximately US$160 million. Cambodia’s main exports to the United States include clothing, bags, bicycles and other products. The main products Cambodia imports from the United States include: automobiles, machinery, cosmetics, electrical appliances, etc.
It is worth mentioning that Cambodian Prime Minister Hun Manet will attend the 78th United Nations General Assembly in New York on September 22, 2023. During his visit to the United States, he will chair the Cambodia-US Business Forum hosted by the Cambodian Chamber of Commerce and the American Chamber of Commerce, which is expected to attract more American investors to Cambodia and promote trade growth between the two countries.