SIEM REAP, May 6 (TNA) – Thailand’s exports to Cambodia have dropped dramatically since people’s purchasing power in the neighboring country has been undermined by the global economic meltdown, according to the Foreign Trade Promotion (FTP) office in Phnom Penh.
Jiranan Wongmongkol, the FTP office director revealed Thailand’s exports to Cambodia in the first quarter of this year declined by around 24 per cent from the same quarter last year, and the agency expects exports for the whole year to drop by some 30 per cent.
Thailand’s annual exports to Cambodia total around US$2 billion or 70 billion baht in value but exports this year are expected to reach just $1.6 billion as Cambodian purchasing power shrinks.
Key export items affected by the economic meltdown include textiles, building materials and consumer products.
Mrs. Jiranan said Thai entrepreneurs based in Cambodia had begun to experience difficulties in running their businesses as their Cambodian counterparts are exposed to the financial liquidity crunch.
Entrepreneurs had adjusted their strategies by attempting to reduce inventory costs and selling products for cash, she said. (TNA)
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