Cambodia reports $1.62bn trade deficit in 11 months

Cambodia has seen a trade deficit of 20 percent in equivalent to 1.62 billion U.S. dollars in the first eleven months of 2013, according to the Commerce Ministry's figures on Saturday. Total import and export volume was valued at 14.32 billion U.S. dollars during the January-November period this year, up 18 percent from the 12.09 billion U.S. dollars over the same period last year, the figures said. Export surged by 26 percent to 6.38 billion U.S. dollars, while import rose by 13 percent to 8 billion U.S. dollars, leading the trade deficit of 1.62 billion U.S. dollars. Kang Chandararot, president of the Cambodia Institute of Development Study, said the increase in trade volume was due to better economic performance of Cambodia and its trading partners. "It is a good sign for the country's economy that more products have been sold overseas," he said, adding that the country needed to further push for exports so as to reduce trade deficit. The country's main trading partners are the United States, European countries, China, South Korea, Japan, Thailand, Vietnam, Singapore and Malaysia. Cambodia exports mostly garments and shoes, dry rubber, milled rice and cassava chips and it imports raw materials for garments, petroleum, construction materials, automobiles and motorcycles, consuming products, and pharmaceutical products and cosmetics. The Southeast Asian nation's economy is driven by garment exports, tourism, agriculture and construction. Apparel products accounted for more than 80 percent of the country's total exports.