Cambodia sees $2.65bn trade deficit

Cambodia recorded a trade deficit of 2.65 billion U.S. dollars in 2012, according to the government's statistics on Wednesday. The country's total import and export volume had reached 13.63 billion U.S. dollars last year, up 19 percent from 11.48 billion U. S. dollars in a year earlier, said the statistics from Camcontrol, or the Cambodia Import-Export Inspection and Fraud Repression Directorate General, which regulates imports and exports in the kingdom. It said export increased by 12.5 percent to 5.49 billion U.S. dollars, whilst import surged by 23 percent to 8.14 billion U.S. dollars, leading to a trade deficit of 2.65 billion U.S. dollars. Cambodia's economy is supported by four major pillars: garment exports, tourism, agriculture and construction. Garment and footwear products represented about 90 percent of the country's total exports. Besides, the country exported rubber latex, milled rice, and cassava. The Southeast Asian nation's main trading partners are the United States, European countries, China, South Korea, Japan, Thailand, Vietnam and Malaysia. Minister of Commerce Cham Prasidh predicted on Dec. 15 during an annual trade fair that the country's trade volume in 2013 could grow by another 8 percent thanks to export diversification efforts.