India trade hits $440M, exports surge over 50%
India trade hits $440M, exports surge over 50%
Although Cambodia’s international trade volume with most of its partners decreased in the first 11 months of 2023, bilateral trade with India achieved a total of nearly $435 million, up more than 10% compared to the same period of 2022, according to the General Department of Customs and Excise (GDCE).
From January to November, exports and imports between the two nations totalled $433.23 million, up 11.1% from $399.01 million year-on-year.
Cambodia’s exports to India were worth $264.5 million, rising by an encouraging 55.1%, while Imports from the world’s most populous nation were $178.73 million, down by 21.8%.
The Kingdom’s trade surplus expanded to $85.77 million during the interval, from approximately $57.98 million in the same timeframe of 2022.
India is currently Cambodia’s 18th-largest trading partner.
In November alone, their bilateral trade amounted to $42.32 million, expanding by 3.17% compared to November 2022. Cambodia exported goods worth $31.11 million, increasing by 38.1%, while imports from India stood at $11.21 million, down by 39.4%.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post that bilateral trade between the two countries has steadily increased, especially in Cambodian products being sold to the Indian market.
According to the GDCE, most of the country’s exports to India are textiles and agricultural products, while imports from India include medicines, medical equipment, electrical equipment, electronic components and beef.
Heng attributed the increase in exports to robust production in Cambodia and India’s need to import more products due to its large and growing population.
He projected that the momentum of their bilateral trade would increase in the future.
“The flow of exports from Cambodia to India will increase further, especially agricultural products. Owing to India’s large population, Cambodia still has many opportunities to expand its export market there,” he said.
Heng added that, in addition to trade in goods, the two countries also have strong cultural and tourism ties.
According to the Ministry of Tourism, 61,025 of the 4.92 million foreigners who visited Cambodia in the first 11 months of 2023 were Indian, representing an increase of 119.9% compared to the same period in 2022.
Minister of Economy and Finance Aun Pornmoniroth expressed optimism in a meeting with Indian ambassador Devyani Khobragade in early October 2023.
He believes that Cambodia-India cooperation will further improve through the promotion of bilateral trade facilitation and support for establishing direct flights to enhance people-to-people connections and tourist flows between the two countries.
He added that the two sides would jointly examine digital connectivity, a priority under the development strategy of the Cambodian government.
Khobragade expressed hope that in the new mandate, the two countries would further increase cooperation in the priority areas of the Cambodian government, including establishing mechanisms to facilitate trade processes and investing through trade facilitation agreements, and promoting people-to-people connections through India-Cambodia direct flights, which India plans to launch in the near future.
According to worldometers.info, India is currently the most populous country in the world with a population of 1.435 billion as of January 7, surpassing China with a population of 1.425 billion.
In 2022, Cambodia-India trade revenue totalled $440 million, a 41.37% increase from $311.24 million in 2021. Cambodia’s exports to India were $196.63 million, up 56% and imports from India were $243.37 million, up 31.4%, as reported by the GDCE.
