International trade rises as commerce ministry lays out 2023 plans

Combodia: According to Pan Sorasak, minister of commerce, “in-depth reforms in all areas,” “improved export competitiveness. ” And an increasingly favorable business and investment environment all contributed to Cambodia’s trade. Upto 9.19% year-over-year increase in foreign trade value to the US$52.425 billion logged by Customs for 2022.

Sorasak was speaking during the first of the two-day annual meeting of the ministry of trade. When officials discussed the accomplishments of the Cabinet-level organization in 2022 and established goals for 2023.

In 2022, the kingdom’s imports and exports came to $29.942 billion and $22.483 billion, respectively. Up 4.32 percent and 16.44 percent from the previous year. Resulting in a 20.60 percent reduction in the trade deficit to $7.459 billion. The General Department of Customs and Excise says (GDCE).

According to the minister, despite the world’s struggles with Covid-19, fuel, oil, and food crises as well as growing prices and the effects of the Ukraine crisis. Cambodia’s products exports and the country’s overall economy continued to develop significantly last year.

He claimed that as a result of the Kingdom’s among-the-highest in the region coronavirus vaccination rates. The government was forced to adopt an endemic approach to Covid management and move to permit the full resumption of socio-economic activity in November 2021. Continuing to remove additional restrictions that hindered trade and commerce throughout 2022.

Sorasak credited bilateral and multilateral free trade agreements (FTA) as well as an increase in exports. Driven by market diversification and preferential trade accords upheld by various jurisdictions. For the nearly double-digit trade growth seen last year.