The G7 nations of Japan and Canada are on track to be Cambodia’s fifth and sixth largest trading partners respectively in 2024, according to recent data released by the General Department of Customs and Excise (GDCE). The exchanges between the two countries and the Kingdom recorded in 2024 have indicated significant growth compared to 2023 trade figures.
During the first 11 months of 2024, trade between Japan and Cambodia totalled $1.949 billion, an increase of close to 19 percent compared to exchanges recorded between January and November 2023.
Cambodian exports to Japan represented $1.272 billion of the trade balance in the first 11 months of last year, up over 19 percent compared to the same period in 2023.
Meanwhile, imports from Japan into the Kingdom amounted to $677.41 million in the first 11 months of 2024, up over 18 percent from the same period the year prior.
According to trends in the first 11 months of 2024, it appears that Japan is on track to remain the Kingdom’s fifth-largest trading partner, based on total value exchanged.
China continues to hold the number one position, followed by the US, Vietnam and Thailand.
Key Cambodian-made exports to Japan in 2024 included clothing and apparel, bags, shoes, furniture, leather products, cosmetics, paper and office supplies.
Meanwhile, predominant imports from Japan into Cambodia last year included vehicles, machinery and electronics, furniture, textiles and plastic products.
Statistics from the Ministry of Commerce (MoC) also demonstrated strong growth in Japanese business investments in Cambodia throughout 2024.
From January to November last year, a total of 88 Japanese companies registered businesses in the Kingdom, up over 20 percent from the first 11 months of 2023.
During the same period, Cambodia’s trade with Canada also improved considerably compared to previous years.
From January to November 2024, trade between Canada and the Kingdom reached a total value $1.063 billion.
This marked a 27 percent increase compared to the same period in 2023, according to GDCE statistics.
Given this trend continues in trade results for December 2024, Canada is on track to become Cambodia’s sixth-largest trade partner for 2024, following Japan in fifth place.
Cambodian exports to Canada represented $1.011 billion of the national total trade balance, a leap of over 30 percent compared to the first 11 months of 2023.
Imports from Canada into the Kingdom meanwhile represented a sum of $52.07 million, dropping 15 percent compared to the same period in the previous year.
Cambodian exports to Canada are dominating the trade relationship currently, representing over 95 percent of the total trade volume between the nations.
Key export products from Cambodia to Canada in 2024 included apparel, footwear, bags, and bicycles.
In order to continue to capitalize on strong growth in trade and investment between Cambodia and Canada, various initiatives have also been put into motion in recent periods.
During the ‘ASEAN Summit’ held in Laos in October 2024, Canada’s Prime Minister Justin Trudeau informed Prime Minister Hun Manet that Canada intends to open an embassy in Cambodia in the near future to better facilitate trade, investment, and diplomacy efforts between the two countries.
In May 2022, the Cambodian Chamber of Commerce (CCC) opened its first representative office in Toronto.
The CCC’s Canada office is positioned to promote Cambodian products to the Canadian market as well as encourage Canadian investment into the Kingdom.
