Cambodia’s exports surge 22.7% in first two months

Cambodia’s exports surge 22.7% in first two months

Cambodia’s international trade recorded a growth of 19.2 percent in the first two months of this year compared to the same period last year and reached $8.12 billion. While exports surged 22.7 percent to reach $3.98 billion, imports grew by 16.1 percent to reach $4.13 billion, according to the trade data released by the General Department of Customs and Excise (GDCE) yesterday.

While China continued to be the biggest trading partner of the country in the January to February period of 2024, the US remained its biggest export destination. Trade with China recorded a growth of 29 percent, compared to the first two months in 2023, and reached $2.19 billion.

Vietnam is the second biggest trading partner of Cambodia and also its second biggest export destination now. The Kingdom’s trade with the neighbour recorded an impressive growth of 30.4 percent to reach $1.41 billion. Trade with the US, the third biggest trading partner, registered a growth of 14 percent during the same period and reached $1.33 billion, the data revealed.

It also showed that exports from Cambodia to the US reached $1.29 billion in the first two months of this year, rising by 14.8 percent, compared to the same period last year. Exports to Vietnam grew to $801 million, registering a remarkable growth of 63.2 percent.

While the US has a share of 32.5 percent of Cambodia’s exports, Vietnam claims a 20.1 percent share. China, which is now in the fourth position, accounted for $227 million worth of exports from Cambodia, a rise of 15 percent, but only 5.7 percent of the total market share.

Japan is now the third biggest export destination of Cambodia, accounting for six percent of the market. The exports to Japan rose by 15.3 percent in the last two months, compared to the same period last year and reached $237 million.

While Cambodia imported $1.97 billion worth of goods from China, it imported $612 million worth of goods from Vietnam and just $36 million worth from the US.

Thus, Cambodia has a $1.74 billion trade deficit with China but a surplus of $1.26 billion in trade with the US in the two months of January to February period in 2024.

The Kingdom also registered a surplus of $188 million in trade with Vietnam. The country has a trade deficit of $342 million with Thailand but recorded a surplus of $148 million with Japan.

It may be noted that in 2023, Cambodia’s international trade declined 1.9 percent compared to 2022. While exports were marginally up by 1.8 percent, the imports showed a decline of five percent. khmertimeskh

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