Exports to India surge; total trade volume surpasses $440M in ‘23
Exports to India surge; total trade volume surpasses $440M in ‘23
Cambodia achieved more than $264 million from exports to India in the first 11 months of 2023, marking an increase of over 55% compared to the same period in 2022. The surge brought total trade volume between the two nations to over $443 million, as reported by the General Department of Customs and Excise (GDCE).
The report stated that from January to November 2023, the country’s exports to India were valued at $246.5 million, a 55.1% rise from $170.52 million during the same period last year. Imports from India fell by 21.8% to $178.73 million from $228.5 million year-on-year.
The combined value of trade between the two nations totalled $443.23 million for the interval, an 11.1% increase from 2022’s $399.01 million. Cambodia’s surplus expanded by $85.77 million.
India currently ranks as the Kingdom’s 18th largest trading partner.
In November 2023 alone, trade between the two countries reached $41.32 million, a 5.75% increase from $40.01 million. Cambodia’s exports to India were $31.11 million, up by 38.1%, while imports from India dropped by 39.4% to $11.21 million.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), said on December 14 that the relationship between Cambodia and India dates back over 2,000 years, over which time trade has steadily continued.
He said enhancing diplomatic and trade ties with India is now a key focus for investors, given their status as a leading global economy and its position as the world’s most populous country.
He noted that the growth in Cambodia’s export value to India aligns with the increased production in Cambodia and the demands of the Indian market.
“Along with the rise in export value, Cambodia must also aim to diversify its production and processing to capture new markets. As production escalates, it will not only enhance exports but also reduce the import of some products already produced by the local market,” he stated.
According to the GDCE, Cambodia’s exports to India mainly comprise textiles and agricultural products, while imports from India include technology, medical and pharmaceutical products.
Heng also noted that besides trade, tourism from India has increased. The Ministry of Tourism reported that the country welcomed 54,777 Indian visitors in the first 10 months of 2023, a 146.7% increase from 22,202 in the same period last year. The total included 44,328 tourists, 10,383 businesspeople and 66 “others”.
As of mid-December, according to worldometers.info, India has a total population of 1.435 billion, surpassing China’s 1.425 billion.
Indian ambassador Devyani Khobragade previously expressed hopes for increased Cambodia-India cooperation in the new legislature, focusing on priority areas set by the government.
These include establishing trade facilitation agreements and promoting people-to-people connections, including the planned launch of a direct flight between the two nations.
Cambodia-India trade volume totalled $440 million in 2022, a 41.37% increase from $311.24 million in 2021. Cambodia exported goods worth $196.63 million to India, up by 56% while India’s exports to Cambodia were valued at $243.37 million, a rise of 31.4%, as per the GDCE.
