Cambodia has witnessed a significant increase in its revenue from rubber and rubber product exports, earning more than $200 million in the first four months of 2023. This marks a 38% increase compared to the same period in 2022 when the country earned just over $149 million. The impressive figures were revealed in a recent report by the General Department of Customs and Excise of Cambodia.
In April 2023 alone, Cambodia’s rubber exports reached over $38 million, reflecting a 20% increase compared to April 2022. This growth is indicative of the country’s thriving rubber industry, which has seen a steady expansion in recent years.
As of 2022, Cambodia boasts more than 400,000 hectares of rubber plantations, with 310,193 hectares (77%) dedicated to rubber production and 93,851 hectares (23%) allocated for maintenance. The country’s primary export markets for rubber include Vietnam, Malaysia, China, Singapore, Japan, Korea, and the European Union.
James Xu, Co-Founder of PHOENIX AGRICULTURAL and Agricultural Advisor, believes that this positive trend will attract more investment in Cambodia’s agricultural sector. “This is a positive sign for the Cambodian economy, and it will attract more investment in the agri sector,” Xu said.
The surge in rubber exports not only reflects the growing demand for rubber products worldwide but also highlights Cambodia’s ability to capitalize on this demand. The country’s strategic location, coupled with its rich natural resources and favorable climate, make it an ideal destination for rubber production.
In addition to rubber, Cambodia’s agricultural sector is also known for its rice, cassava, corn, and pepper production. The growth in rubber exports is expected to have a positive impact on these other agricultural sectors, further boosting the country’s overall economic growth.
The Cambodian government has recognized the potential of the rubber industry and has implemented various initiatives to support its growth. These include providing financial assistance to smallholder farmers and investing in research and development to improve rubber cultivation techniques.
As Cambodia’s rubber exports continue to surge, the country is well on its way to becoming a major player in the global rubber market. With increased investment and support from the government, Cambodia’s agricultural sector has a bright future ahead.