Cambodia-UK Trade Hits $1 Billion in 2024, Exports Surge by 20%
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Cambodia’s exports to the United Kingdom reached nearly $1 billion in 2024, marking a 20.4% year-on-year increase and highlighting the UK as Cambodia’s 10th-largest trading partner. The total trade volume between the two nations rose to $1.012 billion, up 16% from 2023, according to the General Department of Customs and Excise (GDCE).
Of this trade, Cambodia exported $958.75 million worth of goods, while imports from the UK dropped by 29.9% to $53.7 million, resulting in a trade surplus of $905.05 million. The UK also ranked as Cambodia’s 8th-largest export destination, behind the US, Vietnam, China, Japan, Canada, Spain, and Germany.
Strengthened Diplomatic Ties and Trade Preferences
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), credited the growth in trade to improved diplomatic relations, especially after the UK’s departure from the European Union. He noted that Cambodian exports—including clothing, travel bags, footwear, bicycles, and agricultural products—continue to benefit from the UK’s preferential tariff systems.
“The revival of global economic growth, combined with improved diplomatic relations, coincides with Cambodia’s manufacturing sector moving forward. This will continue to drive export growth to the UK. Additionally, the improvement of the global tourism industry is increasing demand for Cambodian products,” Lim said.
Collaboration for Mutual Growth
On November 12, 2024, the two nations held the 2nd Joint Trade and Investment Forum, underscoring their commitment to strengthening economic ties. The event served as a platform to boost trade and investment collaboration.
UK Ambassador to Cambodia Dominic Williams emphasized the benefits of trade relations between the two nations, highlighting their role in supporting Cambodia’s development goals. He also urged UK businesses to expand their presence in Cambodia.
Minister of Commerce Cham Nimol echoed this sentiment, describing the forum as an opportunity to foster strategic partnerships for sustainable growth. She underscored the importance of Cambodia’s ongoing efforts to enhance trade integration regionally and globally.
Cambodia’s Expanding International Trade
In 2024, Cambodia’s total international trade reached $54.74 billion, an increase of 16.9% from the previous year. Exports grew by 15.7% to $26.2 billion, while imports rose by 18% to $28.54 billion.
Key exports included garments, fruits and nuts, machinery, electrical equipment, footwear, rubber, and other agricultural products. Major imports encompassed machinery, vehicles, iron products, plastics, and chemical goods, as reported by the GDCE.
The continued collaboration between Cambodia and the UK, coupled with global economic recovery and robust manufacturing, is expected to further bolster trade relations in the years ahead.
Source: The Phnom Penh Post
