The most recent data from the US Census Bureau shows that exports to the United States from the Kingdom of Cambodia grew by 16.84 per cent in Q1 2021.
The total values of export from Cambodia to the US were worth nearly $1.863 billion, while during the same period, the Kingdom imported $106 million worth of goods from the United States.
The US is yet to reauthorise its General System of Preferences (GSP) trade benefits for Cambodia which lapsed on December 31, 2020.
The data suggests:
- Bilateral trade between Cambodia and the US increased by more than 17 per cent from $1.679 billion to $1.969 billion.
- The trade surplus widened by over 16 per cent from $1.509 billion to $1.757 billion.
- The US is the biggest imported of Cambodian garments, textiles and travel goods.
“Last year (2020) the US market was our biggest export market – which (accounted for) approximately 40 per cent of our exports,” said Garment Manufacturers Association in Cambodia (GMAC) secretary-general Ken Loo to the Phnom Penh Post.
Cambodian exports to the United States increased by 40 per cent in 2020 and reached $5.36 billion.
This 2021 Q1 news comes off the back of a recent franchise expo in which a number of North American franchises are said to be looking at opportunities in the Kingdom of Cambodia.
The data released for Agricultural exports in Q1 2021 from Cambodia suggest, a rise in rubber exports between January-April 2021 compared to 2020, while milled rice exports were down.