DAP: The breaking news in Cambodia: “Cambodia sees 2.65 bln USD trade deficit in 2012” plus 1 more

PHNOM PENH, Jan. 9 (Xinhua) -- Cambodia recorded a trade deficit of 2.65 billion U.S. dollars in 2012, according to the government's statistics on Wednesday.

The country's total import and export volume had reached 13.63 billion U.S. dollars last year, up 19 percent from 11.48 billion U. S. dollars in a year earlier, said the statistics from Camcontrol, or the Cambodia Import-Export Inspection and Fraud Repression Directorate General, which regulates imports and exports in the kingdom.

It said export increased by 12.5 percent to 5.49 billion U.S. dollars, whilst import surged by 23 percent to 8.14 billion U.S. dollars, leading to a trade deficit of 2.65 billion U.S. dollars.

Cambodia's economy is supported by four major pillars: garment exports, tourism, agriculture and construction.

Garment and footwear products represented about 90 percent of the country's total exports. Besides, the country exported rubber latex, milled rice, and cassava.

The Southeast Asian nation's main trading partners are the United States, European countries, China, South Korea, Japan, Thailand, Vietnam and Malaysia.

Minister of Commerce Cham Prasidh predicted on Dec. 15 during an annual trade fair that the country's trade volume in 2013 could grow by another 8 percent thanks to export diversification efforts.

PHNOM PENH, Jan. 9 (Xinhua) -- The government of Cambodia has collected 740 million U.S. dollars of tax in 2012, a 25 percent rise year-on-year, the General Department of Taxation said Wednesday.

The revenues have been collected from tax on profit, withholding tax, tax on salary, VAT (Value Added Tax), special tax on certain merchandises and services, turnover tax, vehicle tax, patent tax and property tax.

Speaking at the tax department's annual conference on Wednesday, Cambodian Finance Minister Keat Chhon hailed tax officials for their strong efforts in achieving the government- imposed tax revenue target for 2012.

Critics claimed that Cambodia has room to grow in tax revenues if the laws have been strongly enforced because to date, some businesses still avoid paying taxes.

The minister had proposed to promoting tax law and consequences of tax evasion to individuals, corporations, trusts and other entities in order to encourage them to pay taxes.