Cambodia-China commerce exceeds USD 8.1 billion in 2020 | World

Cambodia-China trade exceeds USD 8.1 billion in 2020 hinh anh 1A garment employee in Phnom Penh, Cambodia. (Photograph: Nikkei)

Phnom Penh (VNA) – Bilateral commerce between Cambodia and China Final 12 months was valued at greater than $ 8.1 billion, down 5.2% from the earlier 12 months, Cambodian information company AKP reported.

In accordance with information from Cambodia’s Ministry of Commerce, the nation’s exports to the world’s second-largest financial nation in 2020 noticed a year-over-year improve of 8.1% to over $ 1.08 billion.

In the meantime, Cambodia spent round $ 7.03 billion on items imported from China, down 6.9 % from 2019.

The lower in imports from China was primarily as a result of slowdown in imports of uncooked supplies for garment factories as a result of lockdown or restrictive measures imposed to comprise the unfold of COVID-19.

Cambodia primarily exported agricultural merchandise, together with milled rice, mangoes and cassava to China, and imported industrial merchandise, uncooked supplies and development supplies from China.

The 2 international locations have positioned excessive hopes on rising bilateral commerce after signing their bilateral FTA final October.

The settlement is anticipated to be ratified by the governments of each international locations this 12 months, with the goal of bringing it into pressure as quickly as doable.

China is now CambodiaThe biggest supply of overseas direct funding and tourism in addition to China’s largest buying and selling companion. In 2019, bilateral commerce elevated 27% from the earlier 12 months to USD 8.2 billion./.

VNA

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