Cambodia's furniture and building materials exports fell 29.67% in the first half of the year
According to preliminary data compiled by Cambodia Customs (GDCE) in the International Merchandise Trade Statistics bulletin, Cambodia generated US$370 million in revenue from exports of furniture, lighting and prefabricated building products in the first half of 2023, down 29.67% from US$526 million in the first half of 2022 and nearly 12.5% from US$423 million in the second half of 2022.
According to the tariff-related name system, furniture, lighting, and prefabricated building products are classified as Chapter 94 products.
In the first half of this year, Chapter 94 product exports accounted for 3.22% of the country's total exports of $11.464 billion. In the first half of 2022, the export of Chapter 94 products accounted for 4.62%, and the export of the second half of the year accounted for 3.81%.
In June, Cambodia exported Chapter 94 products worth $135 million, down 23.93% from $177 million in the same month last year and 26.76% from the record of $184 million in July 2022.
On July 24, Hong Vanak, an economist at the Royal Academy of Cambodia, said in an interview with local media that global political and economic problems in recent years have led to a sharp decline in some of Cambodia's import and export data.
He insisted that it was not because Cambodian products had serious quality problems, nor because the country's purchase orders had dropped significantly.
"That's the case in global markets. As the global economy accelerates, demand for Chapter 94 products will recover. ”
