Cambodia Rice Federation revises down rice export target to 800,000t for 2022
China and the European Union will be key to achieving the Cambodia Rice Federation revised down target of 800,000 tonnes of rice exports for 2022 as the critical export attempts to overcome ongoing challenges of increasing competition, taxation and transportation costs.
Speaking to Cambodia Investment Review Cambodia Rice Federation (CRF) Chairman Oknha Hun Lak explained the federation had revised down its 2022 expectations from 1 million to 800,000t of rice after a lower-than-expected 2021.
World Bank forecasts Cambodia’s growth at 4.5% in 2022
Cambodia’s real growth is projected to reach 4.5 percent in 2022 as anticipated impacts from negative terms of trade are caused by rising oil prices and a cyclical slowdown in America and China. Over the medium term, the economy is expected to trend back to potential, growing at around 6%.
(Photo source: https://tradingeconomics.com)
Cambodia's goods exports rise by 33.9% in H1 2022 to $11.37 bn
Cambodia’s goods exports in the first half this year (H1 2022) were worth $11.37 billion, a 33.9 per cent rise from the same period last year, according to figures from the general department of customs and excise. Imports rose by 11.9 per cent to $15.86 billion during that period, resulting in a trade deficit at $4.48 billion, a 21 per cent fall compare
The country’s total trade volume was worth $27.2 billion in H1 2022, up by 20 per cent from $22.6 billion over the same period last year.
The high growth in exports was reportedly driven by the resumption of socio-economic activities, trade preferences in the Regional Cooperation Economic Partnership and the bilateral free trade agreement with China.
The United States remained the largest market for Cambodian exports in H1 2022 with exports worth $4.64 billion, up by 54 per cent from the same period last year. It was followed by Vietnam with a 3.4 per cent growth in exports at $1.17 billion.
Clothing, footwear and travel goods comprised over 50 per cent of Cambodia’s total exports in the first six months, Cambodian media reported.
China is the largest trading partner of Cambodia, followed by the United States, Vietnam, Thailand and Singapore, a government report said, adding the Sino-Cambodian trade volume rose by 19.7 per cent to $5.98 billion in the first half.
Cambodia imported $5.37 billion worth of goods from China, a 24.2 per cent increase year on year.