In the first two months of the current year, Cambodia has seen a notable increase in its international trade activities, with a total trade volume of $8.12 billion, marking a 19.2 percent rise from the previous year’s figures. This growth is characterized by a substantial 22.7 percent increase in exports, totaling $3.98 billion, and a 16.1 percent rise in imports, amounting to $4.13 billion, as reported by the General Department of Customs and Excise (GDCE).
China remains Cambodia’s largest trading partner, with trade between the two nations growing by 29 percent to $2.19 billion during January and February of 2024. The United States holds its position as Cambodia’s top export market, while Vietnam emerges as the second largest trading partner and export destination, experiencing a significant 30.4 percent growth in trade, reaching $1.41 billion.
Trade with the United States, ranking as the third largest partner, witnessed a 14 percent increase, culminating in $1.33 billion. Specifically, Cambodian exports to the United States surged by 14.8 percent to $1.29 billion. Exports to Vietnam also showed remarkable growth, with a 63.2 percent increase to $801 million.
The United States accounts for 32.5 percent of Cambodia’s export market, with Vietnam holding a 20.1 percent share. China’s share in Cambodia’s export market stands at 5.7 percent, with exports valued at $227 million, indicating a 15 percent growth. Japan has become the third largest export destination for Cambodia, making up six percent of the market, with exports to Japan increasing by 15.3 percent to $237 million.
On the import front, Cambodia’s transactions were mainly with China, totaling $1.97 billion, followed by Vietnam at $612 million, and a modest $36 million from the United States.
This trade activity results in a $1.74 billion trade deficit with China but showcases a favorable $1.26 billion trade surplus with the United States. Cambodia also enjoys a $188 million trade surplus with Vietnam, while it faces a $342 million deficit with Thailand. However, trade with Japan resulted in a $148 million surplus.
This positive trend in international trade comes after a slight 1.9 percent decline in Cambodia’s trade activities in 2023, where exports saw a modest 1.8 percent increase and imports fell by five percent, indicating a resilient and recovering economy engaging more robustly in global commerce.
