Trade deficit grows at start of the year

Cambodia's total imports grew at a quicker pace than exports over the first two months of 2011 compared to the period last year, according to Ministry of Commerce statistics obtained yesterday.

Goods worth some US$757 million left the Kingdom for foreign markets in January and February 2011, from $514 million last year. Imports totalled $1.07 billion, from $597 million during the period in 2010.

Ministry of Commerce Director of Statistics Department Kong Putheara said that the increase in trade came largely through a rebounding global economy, as well as increased domestic production.

He said imports were increasing due to needs for local industry, adding increasing imports of production inputs would improve Cambodia’s economy in the coming years.

Of the $757 million worth of goods exported in the first two months, some $652 million was garment products, the statistics show. 

Agricultural products such as rice, corn and rubber, made up $77.8 million of the exports in January and February – a 233 percent increase on the same two months in 2010.