Bilateral trade with India surpasses $485M
Bilateral trade with India surpasses $485M
Cambodian exports to India increased substantially in 2023, reaching nearly $300 million, marking an increase of almost 50% compared to 2022. Bilateral trade volume surpassed $485 million last year, as reported by the General Department of Customs and Excise (GDCE).
Exports to India amounted to over $293.06 million in 2023, a 49% increase from $196.63 million year-on-year.
Imports from India totalled $192.64 million, a decrease of 20.8% from $243.37 million in 2022.
Bilateral trade between the two nations hit $485.7 million in 2023, up by 10.4% from $440 million the previous year.
Cambodia's trade surplus increased to $100.42 million, from $46.74 million in 2022.
According to the GDCE, India ranked as the Kingdom’s 17th largest trading partner for 2023.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, recently back from a study visit to India, stated on January 15 that India, with its extensive production base in agriculture and manufacturing, is one of the world's major economies.
According to leading international institutions, India's economy is projected to surpass Japan's by 2030, becoming the world's third largest after the US and China.
Vanak noted that despite India's substantial economic and industrial capacity, Cambodia has opportunities to boost its exports, particularly in agriculture, due to India's status as the world's most populous country.
"Although India has a robust production base in all fields, Cambodia still has the opportunity to introduce its products to the Indian market if the quality, price and reputation are favourable. I believe agricultural products are an important vector for Cambodia to expand its exports to India," he said.
He added that despite India's vast electronics industry and advanced technology usage, Cambodia could still export certain electronic components to India, contributing to the completion of production chains in Indian factories.
The economist also highlighted the influx of Indian tourists, suggesting the need for Cambodia to enhance and diversify its offerings to attract more visitors from India and other countries.
"Apart from trade in goods, Cambodia also has the potential to draw Indian tourists to its ancient temples, many of which have historical and cultural connections to India," he added.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, noted in late November 2023 that Cambodia's exports to India, primarily agricultural products, have consistently risen in recent years.
He emphasised the importance of diversifying export goods to meet India's growing needs, due to its considerable population.
He also suggested that establishing direct flights between the two countries could boost both trade and travel.
"Since India is a large and populous nation, Cambodia should diversify its exports to capture a larger market share there," Heng stated.
“We also encourage Indian investors to consider opportunities in Cambodia," he added.
According to Heng, Cambodia exports agricultural products and textiles to India, while importing medical supplies, buffalo meat, tricycles, fabric, leather, food, oil, chemicals and medicines from India.
As of January 7, India is the most populous nation globally with 1.435 billion people, surpassing China's population of 1.425 billion, as per worldometers.info, a global metrics website.
