Cambodia's Total Exports Drop 18 Percent in 2009

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2010-01-18 18:47:44

Xinhua

Web Editor: Hu Weiwei

via CAAI News Media

Cambodia total exports in 2009 declined 18.2 percent compared to a year earlier, a government data showed on Monday.

Cambodia total exports in 2009 declined 18.2 percent compared to a year earlier, a government data showed on Monday.

The exports of Cambodia's products to foreign markets in 2009 were worth 3,619 million U.S. dollars, a decline of 804.7 million U.S. dollars, or 18.2 percent compared to that in 2008, according to the data showed by National Bank of Cambodia.

Garment sector, Cambodia's biggest earner declined 716.2 million U.S. dollars and other products declined 88.4 million U.S. dollars.

While Cambodia's exports were down in 2009 compared to that in 2008, the total imports were also down.

The imports in 2009 were 5,208 million U.S. dollars, a decline of 1,063 million U.S. dollars or 17 percent compared to a year earlier.

Chea Chanto, governor of National Bank of Cambodia said the decline of Cambodia's exports to foreign markets was caused by the global economic crisis.

However, he argued against the predictions made by several international financial institutions about the impacts of the crisis to Cambodia's economy.

He said Cambodia's economic growth was 2.1 percent in 2009, down from 6.7 percent in 2008, and about 3 percent is projected for 2010.

Earlier, International Monetary Fund suggested Cambodia's economic growth was -2.7 percent in 2009, while World Bank suggested -2.5 percent, and Asian Development Bank predicted at -1.5 percent.