Bilateral trade with Canada surges in Jan, nearing $85M
Bilateral trade with Canada surges in Jan, nearing $85M
Bilateral trade between Cambodia and Canada in the first month of 2024 experienced a considerable increase, reaching nearly $85 million, as reported by the General Department of Customs and Excise (GDCE).
In January, trade between the two nations amounted to $84.84 million, a 54.8% increase from $54.81 million in January 2023.
Exports to Canada were valued at $76.72 million, up 42.1% from $53.97 million in 2023, while imports reached $8.13 million, a substantial increase of 870.3% from $0.84 million.
Cambodian goods accounted for 90.69% of the bilateral trade volume, which comprised 2.09% of the country’s total international trade of $4.06 billion.
The GDCE ranked Canada as the Kingdom’s seventh-largest international trading partner, following China, Vietnam, the US, Thailand, Japan and Indonesia.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), told The Post on March 5 that the global economic recovery and a reduction in inventories in 2023 have led to increased orders for Cambodian-made goods across various destinations.
He noted that Canada is a key market for Cambodian clothing, footwear and travel bags, and anticipated further growth in orders with the improvement of global economic conditions and tourism.
“Exports from Cambodia to Canada are expected to continue growing, especially since the private sector in Cambodia, represented by the CCC, has already established a representative office [there],” he stated.
Heng explained that the chamber’s office in Toronto, Canada’s largest city, plays a vital role in promoting Cambodian products and attracting Canadian investors.
He attributed the large volume of exports to Canada to the Kingdom’s preferential import system for certain goods.
Major exports to Canada include garments, travel products, footwear, bicycles, electrical equipment and electronic components, while imports mainly consist of electronics and cars, according to the GDCE.
Ly Kun Thai, president of the Confederation of Cambodia Investors Association (CCIA) and the Cambodia Footwear Association (CFA), previously mentioned Canada’s significant position in the market for Cambodian textile products.
He attributed the increase in exports to several countries, including Canada, to the easing of geopolitical tensions and a global resurgence post-pandemic.
“In 2024, the value of Cambodian textile exports is expected to surpass that of 2023. Canada remains a major market for these [products],” he stated.
According to the National Bank of Cambodia (NBC), by the end of 2021, Canada is among the largest source of foreign investment in Cambodia, contributing $1.1 billion, representing 2.8% of total investment received by Cambodia, amounting to $41 billion.
In 2023, bilateral trade between the two nations was valued at $940.48 million, a decrease of 18.5% from $1.15 billion in 2022. Exports to Canada were $869.54 million, down 22.4%, while imports increased by 109.4%, totalling $70.95 million.
