Cambodia Jan-May exports up 15% y/y on strong demand from U.S.: report
BANGKOK, NNA – Cambodia’s exports rose more than 15 percent from a year earlier to $5.3 billion in the January-May period, the Khmer Times reported, citing data from the Ministry of Economy and Finance.
The newspaper reported Wednesday that imports in the first five months of the year jumped 21.5 percent to $8.2 billion.
The ministry attributed the growth in exports to strong demand for travel goods in the U.S., the report said.
In 2016, the U.S. granted Cambodia duty-free benefits to export travel goods such as suitcases, backpacks, handbags, and wallets under the Generalized Standard Preferences scheme.
The Commerce Ministry has recently submitted a request to the U.S. to expand the scheme to include garments and footwear.
The Asian Development Bank expects Cambodia’s economic growth to slow to 6.8 percent in 2020 from an estimated 7.0 percent in 2019.