In the first eight months of 2023, Cambodia’s international trade volume amounted to almost USD $32 billion, according to the latest figures released by the General Department of Customs and Excise at the Ministry of Economy and Finance.
The total volume of international trade in the Kingdom went down by 14.5 per cent compared to the same period in 2022. Total exports reached a value of nearly USD $15.7 billion, indicating only a slight year-on-year increase (0.3 per cent). Meanwhile, imports saw a 25.2 per cent decrease, totalling USD $16.3 billion.
Cambodia’s Top Trade Markets
Bilateral trade with China, Cambodia’s top trade market overall, has gone up by roughly 1.1 per cent, reaching nearly USD $8.1 billion in total trade volume. Imports from China slightly decreased by 0.6 per cent, while exports increased by 16.8 per cent. China is still Cambodia’s top market for imports, amounting to over USD $874 million in the first eight months of 2023.
The United States, on the other hand, continues to be Cambodia’s biggest market for exports, surpassing a value of USD $933 million in the first eight months of 2023, rising by 28.8 per cent from the same period last year.
The US is also currently Cambodia’s second biggest foreign trading partner overall, with a total trade volume of over USD $6.2 billion. The next biggest trading partners are:
- Vietnam (USD $4.3 billion)
- Thailand (USD $2.5 billion)
- Japan (USD $1.2 billion)
- Singapore (USD $1.1 billion)
Import And Export Commodities
Cambodia’s top export commodities during the first 8 months of 2023, included apparel and clothing accessories, electrical machinery and equipment, cereals, furniture, and goods made from leather and rubber.
At the same time, the most imported commodities included raw materials such as mineral fuels and oils, fabrics and food industry residues for animal fodder, as well as electrical equipment, vehicles and plastics.
Trade In Cambodia
In 2022, Cambodia’s annual international trade volume surpassed USD $52.4 billion, rising by 9.2 per cent from 2021. The Kingdom’s international trade performance in 2023 has been comparatively weaker so far. Nevertheless, the Ministry of Economy and Finance still maintains its forecast of 5.6 per cent economic growth in 2023 – 0.4 per cent higher than in 2022, and 0.1 per cent higher than the World Bank’s forecast for Cambodia.
In recent years, Cambodia has implemented bilateral free trade agreements (FTAs) with China and South Korea and has also become a signatory of the Regional Comprehensive Economic Partnership Agreement (RCEP), which entered into force on January 1, 2022. With 15 member countries that account for about a third of the world’s population and 30 per cent of the global GDP, the RCEP allows Cambodia to be a part of the largest trade bloc in the world.
Read more on trade in Cambodia: