10-month Oz trade up 83% despite recent slow months
10-month Oz trade up 83% despite recent slow months
Commodity trade between Cambodia and Australia totalled $438.983 million in the first 10 months of 2022, rising by 83.30 per cent year-on-year, according to the General Department of Customs and Excise (GDCE).
In the January-October period, Cambodia exported $312.105 million worth of goods to Australia, up 106.9 per cent year-on-year, and imported $126.878 million, up 43.16 per cent. The Kingdom’s trade surplus with Australia for the 10-month period expanded by 197.61 per cent on a yearly basis to $185.227 million.
In October alone, the Cambodian-Australian commodity trade came to $34.52 million, down 8.2 per cent year-on-year and 6.9 per cent month-on-month, while the Kingdom’s exports were to the tune of $28.55 million, down 1.4 per cent year-on-year and nine per cent month-on-month.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, ascribed the year-on-year increase in trade for the 10-month period to improvements in Cambodian-Australian bilateral relations and the Regional Comprehensive Economic Partnership (RCEP) Agreement’s entry into force on January 1 with both countries as members.
Vanak believes that Cambodian-Australian trade ties will receive a considerable boost from meetings between leaders of both countries during the dual ASEAN summits ended on November 13.
“With some Cambodian agricultural products in demand on the Australian market, it is necessary to consider quality and quantity,” he said, predicting that trade figures would trend up going forward.
He said Australia is a major buyer of Cambodian agricultural and textile-related products as well as bicycles, and exports items like electronics and vehicles to the Kingdom.
At a November 12 bilateral meeting with Cambodian Prime Minister Hun Sen on the sidelines of the dual ASEAN summits, Australian Premier Anthony Albanese expressed appreciation for diplomatic and trade cooperation between the two countries and congratulated the Kingdom on its development progress.
The Australian side vowed to continue support for Cambodia in “all areas”, especially towards building a more sustainable economy.
The Ministry of Commerce reported that bilateral trade between Cambodia and Australia totalled $324 million last year, up 52 per cent compared to 2020.
