Cambodia reports 1.14 bln USD trade deficit in 1st five months

Cambodia reports 1.14 bln USD trade deficit in 1st five months

Shanghai Daily | Jun 25,2014

 

PHNOM PENH, June 25 (Xinhua) -- Cambodia recorded a trade deficit of 1.14 billion U.S. dollars in the first five months of 2014, a latest report by the Ministry of Commerce showed Wednesday. 

Total trade value jumped to 7.32 billion U.S. dollars during the January-May period this year, an increase of 17 percent from 6. 24 billion U.S. dollars for the same period last year, the report said. 

Of the amount, exports accounted for 3.09 billion U.S. dollars, rising by 20 percent on year, while imports surged by 15 percent to 4.23 billion U.S. dollars, leading to a trade deficit of 1.14 billion U.S. dollars. 

Cambodia's main trading partners include the United States, European countries, China, South Korea, Japan, Thailand, Vietnam, Singapore and Malaysia. 

Apparel products accounted for over 80 percent of the country's total exports. 

Ken Ratha, the spokesman for the Ministry of Commerce, said the increase in trade value was thanks to Cambodia's better economic performance and good relations between Cambodia and its trading partners. 

"The ministry has been working actively to attract more investors to Cambodia and to seek new overseas markets for Cambodian products in the hope of narrowing trade deficit in the future," he said.