Trade Engagement Between Cambodia and Indonesia Reaches New Heights in 2023
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The trade relationship between Cambodia and Indonesia saw significant growth in 2023, as Indonesia climbed to become Cambodia’s sixth-largest trading partner. According to data from the General Department of Customs and Excise (GDCE), the trade volume between the two nations escalated to nearly $1.1 billion, reflecting an increase of almost 15% over the previous year.
The comprehensive trade figure for 2023 was recorded at $1.09 billion, marking a 14.6% rise from $948.53 million in 2022. This surge accounted for 2.32% of Cambodia’s total international trade, which amounted to $46.83 billion for the year.
A notable aspect of this trade expansion was the dramatic increase in Cambodian exports to Indonesia, which soared by 151.7% to reach $92.74 million. Meanwhile, imports from Indonesia to Cambodia also grew, albeit at a more modest rate of 9.1%, totaling $994.6 million.
Hong Vanak of the Royal Academy of Cambodia highlighted the promising future of trade relations between the two ASEAN members, especially within the framework of the Regional Comprehensive Economic Partnership (RCEP). He pointed out the necessity for Cambodia to enhance its production to meet Indonesian market demands and reduce the trade deficit.
In a significant development, Indonesia committed to purchasing 250,000 tonnes of milled rice annually from Cambodia in September 2023, a move that underscores the strengthening trade ties and mutual support in food security.
Song Saran, head of the Cambodia Rice Federation, emphasized the potential for increased agricultural exports to Indonesia. The first official export of Cambodian milled rice to Indonesia, which took place in early November, showcases the international acclaim and quality of Cambodian rice.
Indonesian Ambassador to Cambodia, Santo Darmosumarto, during discussions with Cambodia’s Minister of Economy and Finance, stressed the need for increased awareness among Indonesian business circles about Cambodia’s investment landscape. He suggested measures like establishing bilateral payment systems and initiating direct flights to enhance economic and cultural exchanges.
This growing trade partnership is a reflection of both countries’ efforts to leverage their historical connections into substantial economic, investment, and cultural relations, aiming for mutual prosperity and stronger bilateral ties.
Source: Phnompenh Post
