Cambodian goods exports grow 28% YoY during Jan-Aug 2022: World Bank

12 Dec '22

2 min read

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Cambodia’s goods exports grew at 28 per cent year on year (YoY) during January-August 2022. Exports of the top three items—garment, travel goods and footwear—which account for 64.8 per cent of total goods (excluding gold) exports, remained strong, reaching $9.1 billion, a 30.3 per cent YoY rise, the World Bank said recently in its Cambodia Economic Update.

Goods exports to the United States, Cambodia’s largest export market accounting for 45.6 per cent of total exports, continued to be strong, it noted.

However, the growth rate of the country’s goods exports decelerated from its peak of 37.7 per cent in May this year, likely reflecting softening demand.

Goods exports to the United States reached $6.4 billion, with a whopping YoY rise of 37 per cent during the first eight months this year, despite expiration of the US Generalised System of Preferences programme on December 31, 2020, reauthorisation of which is pending US congressional approval.

The share of the US market in total goods exports rose quickly to 45.6 per cent in 2022 from 27.6 per cent in 2019 at the expense of that of the European Union (EU) market, which declined to 19.8 per cent from 28.1 per cent during the same period, partly affected by the partial withdrawal of the EU’s Everything But Arms preferential treatment, effective August 12, 2020.

The Chinese market accounts for $805 million, or 6 per cent of total goods exports of Cambodia.

Fibre2Fashion News Desk (DS)

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