Cambodia’s exports to Japan rise 18.4%
Cambodia’s exports to Japan rise 18.4%
Cambodia’s exports to Japan reached $365 million in the first quarter (Q1) of this year, an increase of 18.4 percent compared to the same period last year.
The rising exports also ensured that Japan is now the fourth biggest export destination of Cambodia, accounting for 5.8 percent of the Kingdom’s export market.
Japan is also now Cambodia’s fifth biggest trading partner, with the bilateral trade (exports and imports together) reaching $507 million in the first three months of this year, an increase of 11 percent year-on-year.
Cambodia maintained a surplus of $223 million in trade with Japan for Q1, 2024.
The Kingdom’s main exports to Japan are garments, bags, footwear, furniture, cosmetics, paper and office supplies and leather goods. The main imports are machinery, automobiles, electronic items, furniture, fabrics and plastics.
The growing trade between the two countries has also helped in strengthening the bilateral relations, which is seen in the increased assistance by the Japan International Cooperation Agency (JICA) for various infrastructure development initiatives of the Royal Government.
Among the major projects supported by JICA in the Kingdom include three main bridges (Chroy Changvar Bridge, Kizuna Bridge in Kampong Cham and Tsubasa Bridge linking Kandal Province with Neak Loeung in Prey Veng Province), 26 schools, Cambodia Japan Cooperation Centre and Institute of Technology of Cambodia buildings, six roads (568 km) and eight hospitals.
Most of JICA’s support for Cambodia is people-centric covering sectors such as water supply, public transport, sewerage management, flood mitigation, technical and vocational training and healthcare besides major infrastructure development such as roads, ports and digitalization of the economy.
Japan is also supporting the expansion of Cambodia’s only deep-sea port in Sihanoukville. JICA is helping the construction of the new international terminal at the port with a soft loan of $203 million.
Once operational, the new terminal will help PAS to match the ocean freight cost of the neighbouring countries in the region, or even better them, and this could further boost the trade and economic development of Cambodia.
The project is expected to be completed by mid-2027 and the container handling capacity of the port will then reach 1,250,000 TEUs within one year.
Last year, both countries marked the 70th anniversary of the establishment of diplomatic relations between the two, as well as the 30th anniversary of the establishment of the JICA Cambodia Office.
“We will continue our efforts to deepen the ‘Kizuna’ (enduring bond) between Japan and Cambodia,” said Sanui Kazumasa, Chief Representative of the JICA Cambodia Office in a message on the occasion.
Cambodia and Japan also elevated their relationship to a Comprehensive Strategic Partnership last year which is expected to attract more Japanese investments to Cambodia and open a wider market for the Kingdom’s products in Japan.
