[PHNOM PENH POST]
CAMBODIA’S current accounts deficit has increased in recent years, but is not yet a cause for concern, according to experts.
The
Asian Development Bank’s July update showed Cambodia’s current accounts
deficit stood at 11 percent of GDP in 2010, and statistics show the
trade gap grew further in the first six months of the year.
Cambodia’s
imports and exports both increased by 48 percent in the first half of
2011 compared year-on-year, hitting $3.245 billion and $2.228 billion
respectively, according to Ministry of Commerce figures.
ADB
Economics Officer Poullang Doung wrote that higher fuel and food prices
increase import costs, but Cambodia had been increasing exports as it
recovered from the financial crisis.
“[Increased exports] will gradually help narrow down the current accounts deficit slowly but surely,” he said.
Cambodia’s
imports and exports both increased by 48 percent in the first half of
2011 compared year-on-year, hitting $3.245 billion and $2.228 billion,
according to Ministry of Commerce figures.
National Bank of
Cambodia Spokeswoman and Director General Nguon Sokha said Cambodia need
to import inputs such as construction materials to support future
economic development.
“This is a normal situation for a developing country [such as Cambodia] that has potential to grow,” she said.
“The
point is how the country finances this current account deficit. And so
far, the government is doing well in this regard. We do not have a debt
problem, and we enjoy macroeconomic stability and also financial
stability.”
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