Cambodia Diversifying Its Products and Markets
AKP Phnom Penh, August 14, 2020 --
Diversification of the products and markets is a high priority of the Royal Government of Cambodia, said H.E. Phay Siphan, Minister Attached to the Prime Minister and Chairman of the Royal Government Spokesperson Unit, on his official Facebook page this morning.
Cambodia is diversifying its commodities and markets to promote the exports, he underlined after attending a weekly cabinet meeting held here this morning under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.
The Kingdom has set a plan to increase the export of non-textile manufacturing goods by 15 percent of the total exports by 2025 while boosting agricultural processed exports by 12 percent, he added.
In fact, the market share of garment and footwear export has declined steadily from 71.6 percent of the total exports in 2015 to 69.2 percent in 2018.
At the same time, the export of agricultural processed products saw an increase from 5.9 percent of the total export volume in 2015 to 7.0 percent in 2018.
The data reflect that Cambodia has continuously been diversifying its exported products and promoted the export of its agricultural processed goods, instead of depending only on garment and footwear export.
By Heng Panha