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    Cambodia and China have promised to raise bilateral trade to $ 10 billion by 2023

    Cambodia’s exports of goods to China increased significantly, surpassing $ 1.1 billion in the third quarter of this year. This is an increase of 52.74% year-on-year, according to former Department of Commerce figures. Both sides have pledged to raise bilateral trade from $ 8.1 billion last year to $ 10 billion by 2023, the ministry reports.

    Bilateral trade figures for 2020 fell 5.2% from 2019 figures.

    Cambodia imported $ 6.8 billion worth of goods from China in the third quarter. This is an increase of 36.32 percent compared to the same period last year.

    Cambodia’s exports of goods to China increased significantly, surpassing $ 1.1 billion in the third quarter of this year. This is an increase of 52.74% year-on-year, according to former Department of Commerce figures. Both sides have pledged to raise bilateral trade from $ 8.1 billion last year to $ 10 billion by 2023, the ministry reports.

    This resulted in bilateral trade of $ 7.9 billion, up 38.36% year-on-year.

    The two countries have reached a bilateral free trade agreement, which the Cambodian government has recently ratified. The trade agreement is to open more markets for Cambodian products, mainly agricultural products, to China, the Cambodian media reported.

    Bilateral trade will increase further and Cambodia will export more products to China, according to Lim Heng, vice president of the Cambodian Chamber of Commerce.

    The main products that Cambodia exports to the Chinese market are rice milling, cassava, fresh mango and banana, and imports clothing manufacturing, building materials and vehicle raw materials.

    Last year, Cambodia’s imports from China fell by nearly 7% as the blockade closed its garment factories.

    Fiber2Fashion News Desk (DS)

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    Cambodia and China have promised to raise bilateral trade to $ 10 billion by 2023

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    The post Cambodia and China have promised to raise bilateral trade to $ 10 billion by 2023 appeared first on Eminetra.

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