Kampuchea'S Import And Export Trade Increased Greatly In 2014

According to the information released by the Ministry of Commerce of Kampuchea, the total volume of import and export trade in Kampuchea reached 18 billion 100 million US dollars in 2014, a record high in the past year, up 13.8% from 15 billion 900 million US dollars in 2013. However, the trade deficit has expanded, which has increased by 600 million US dollars over the previous year.

Exports of US $7 billion 690 million last year increased by US $790 million over the previous year's US $6 billion 900 million, mainly due to increased exports of garments and agricultural products.

The Department's State Secretary, Mao Thora, said that new garment factories were set up last year to create more.

Exports also increased exports of agricultural products such as rice, cassava, corn and so on.

Imports of US $10 billion 430 million last year increased by US $1 billion 430 million over the previous year's US $9 billion. Major imports include ready-made materials, automobiles and consumer products.

Thora Secretary of state said that the increase in imports of clothing materials, including cloth and buttons, was mainly due to the establishment of new factories and the production of more ready-made garments. The number of cars, household appliances and electronic and electrical products also increased significantly, indicating that people gradually liked to import household products.

The increase in imports last year was much larger than that in exports. The trade deficit increased from $2 billion 100 million a year ago to US $2 billion 740 million, an increase of US $640 million.

Another evidence

Hiroshi Suzuki, a leading economist at the enterprise research institute, said the trade deficit is not a problem to worry about, because the overall economic growth of the country still depends on imported products, and only imported materials can produce more manufactured exports.

Developing countries gradually increase

The deficit is very common. It is mainly for rapid economic growth, and the increase in imports is inevitable.

The key is how to raise the import volume gradually.

John McGinley, an investment partner manager of Mekong strategic partnership, said that if global oil continues to decline, Kampuchea can also benefit from reducing import costs.

As the global oil price falls, the situation will improve in the coming year, and Kampuchea will be able to gain about $500 million from the lower import cost.