Xinhua
Cambodian exports to the United States continued to plummet in April, recording a 23.6 percent annualized drop to 135.75 million U.S. dollars, local media reported on Wednesday.
The recent drop was mostly caused by another huge decline in garment exports to the Kingdom's largest overseas market, English newspaper the Phnom Penh Post said citing the U.S. trade figures reported late Monday.
The decline was worse than in March, when total exports to the U.S. dropped 22.2 percent, a suggestion that the worst may not be over, even if April's figures were not as severe as the 27 percent decrease posted in February, the post said.
The figures showed that the recent drop in U.S. demand for garment - which account for 98 percent of the Kingdom's exports - was the major factor contributing to Cambodia's loss in export earnings.
The sector saw revenue from U.S. sales fall from 801.3 million U.S. dollars in the first months of last year to 631 million U.S. dollars up to April 2009. This 21.23 percent drop slightly outstripped the fall in total exports, suggesting that garments are suffering more than other Cambodian exports to the United States. Cambodia sells more than half of its total export products to the United States.
According to the London-based Economist Intelligence Unit, merchandise exports will fall in 2009, mainly owing to the poor outlook for overseas sales of garments, which account for over 70 percent of total export revenue.
The recent drop was mostly caused by another huge decline in garment exports to the Kingdom's largest overseas market, English newspaper the Phnom Penh Post said citing the U.S. trade figures reported late Monday.
The decline was worse than in March, when total exports to the U.S. dropped 22.2 percent, a suggestion that the worst may not be over, even if April's figures were not as severe as the 27 percent decrease posted in February, the post said.
The figures showed that the recent drop in U.S. demand for garment - which account for 98 percent of the Kingdom's exports - was the major factor contributing to Cambodia's loss in export earnings.
The sector saw revenue from U.S. sales fall from 801.3 million U.S. dollars in the first months of last year to 631 million U.S. dollars up to April 2009. This 21.23 percent drop slightly outstripped the fall in total exports, suggesting that garments are suffering more than other Cambodian exports to the United States. Cambodia sells more than half of its total export products to the United States.
According to the London-based Economist Intelligence Unit, merchandise exports will fall in 2009, mainly owing to the poor outlook for overseas sales of garments, which account for over 70 percent of total export revenue.
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