Cambodia-Australia exports dip 0.4% in first half of year
Cambodia-Australia exports dip 0.4% in first half of year
Bilateral trade between Cambodia and Australia in the first half of 2023 stood around $258.1 million, with Cambodia’s trade surplus expanding by $102 million, Cambodia’s General Department of Customs and Excise (GDCE) stated.
Data from January to June 2023 showed trade marginally down from $258.2 million in the corresponding period last year, seeing that exports to Australia dipped 0.4 per cent year-on-year to $180.41 million from $181.1 million.
However, imports from Australia inched up 0.9 per cent to $77.7 million from $77.1 million.
Australia is Cambodia’s eighteenth largest trading partner, with China as its lead, followed by the US, Vietnam, Thailand, Japan, Singapore, Indonesia, Germany and Canada.
Hong Vanak, an economics researcher with the Royal Academy of Cambodia, told The Post on August 7 that trade volume between the two countries is not as large as China and others in the top five.
However, Australia is viewed as one of the largest recipients of Cambodian goods in the world, and are significant investors in Cambodia.
As a member of the Regional Comprehensive Economic Partnership Agreement (RCEP), exports and imports between the two countries would definitely increase as the global economy improves.
“Cambodia’s geographical location and RCEP would help increase export-import activities between the two countries in the future. Cambodia also has a wide range of products with international standard quality for export,” Vanak said.
Given Australia’s market potential, Cambodia Chamber of Commerce in May announced the opening of two representative offices in Melbourne and Sydney, said chamber vice president Lim Heng.
The offices serve to provide information and attract investors to Cambodia, he said, adding that Australian investors in Cambodia are currently involved in sectors such as mining, manufacturing and agriculture.
“In addition to investment and trade, Australia has been providing a lot of assistance to Cambodia,” Heng said.
According to him, Cambodia exports textile, bicycles and agriculture, while imports consist of electronic products, pharmaceuticals and vehicles.
In 2022, bilateral trade between Cambodia and Australia amounted to $523.6 million, up by 60.9 per cent compared to $325.47 million in 2021.
Of that, Cambodia exports to Australia totalled $379 million, rising by 84.6 per cent, while imports from Australia was $144.58 million, an increase of 20.3 per cent.
Based on the data, the Cambodian’s trade surplus with Australia expanded by about $234.46 million.
