Cambodia, Malaysia trade rises 35%
Cambodia, Malaysia trade rises 35%
Trade between Cambodia and Malaysia reached $715 million in the January to October period this year, a jump of 35.3 percent compared to the same period last year, according to the data of the General Department of Customs and Excise (GDCE) released recently.
While Cambodia’s exports to Malaysia reached $110 million in the period, rising by 35.7 percent year-on-year, the imports reached $605 million, showing an increase of 35.3 percent.
Commenting on the rising trade between the two countries, Tan Khee Meng, President of the Malaysian Business Chamber of Cambodia (MBCC), told Khmer Times that it was a reflection of the increasing cooperation between the two countries.
“The remarkable growth in bilateral trade between Cambodia and Malaysia in 2024 highlights the successful collaboration between Cambodian and Malaysian traders, fostering a vibrant exchange of goods and services,” Meng noted.
A significant portion of Malaysian exports to Cambodia consists of petroleum products and construction materials. These industries are crucial for Cambodia’s infrastructural development and energy needs.
Conversely, Cambodia’s exports to Malaysia include agricultural products and garments, showcasing the country’s robust production capabilities and its potential to meet Malaysia’s market demands.
“This exchange not only supports economic development but also strengthens our cultural connections,” Meng said.
According to the MBCC President, the increase in bilateral trade is also a reflection of the proactive efforts by the new Cambodian government under the leadership of Prime Minister Hun Manet.
Since assuming office in August 2023, Mr Hun Manet has hosted numerous business forums worldwide, promoting a welcoming environment for foreign direct investments (FDI) and international business collaborations, he noted.
“His administration is open and the friendly approach has been pivotal in attracting Malaysian businesses and enhancing bilateral trade,” Meng said, adding that these developments signify a promising future for Cambodia-Malaysia relations with both countries poised to benefit from continued economic cooperation.
Earlier in February, Cambodia’s Prime Minister visited Malaysia and also spoke at a high-level business forum in Kuala Lumpur, jointly organised by the National Chamber of Commerce and Industry of Malaysia, Cambodia Chamber of Commerce and MBCC.
It may also be noted that bilateral trade between the two countries stood at $632 million in 2023, a year-on-year increase of 1.9 percent. Cambodia exported $105 million worth of goods to Malaysia last year.
Malaysian businesses in Cambodia are spread across many sectors, including banking and finance, agriculture and agro-business, food and beverages, tourism and hospitality, real estate development, infrastructure development and media.
There are nearly 500 Malaysian businesses in Cambodia. It is also estimated that nearly 5,000 Malaysians, including businesspeople and professionals, live in Cambodia.
Earlier in June, at the MBCC AGM in Phnom Penh, the rising Malaysian investments in Cambodia drew a special mention from Shaharuddin Onn, the Ambassador of Malaysia to Cambodia.
The Ambassador said that Malaysian businesses in the Kingdom are held in high esteem in Cambodia, and he was very pleased to note the appreciation.
“It is without a doubt that Malaysians and Malaysian businesses contribute positively and constructively to the development of Cambodia,” he said.
The year 2024 also marks the 67th anniversary of the establishment of Malaysia-Cambodia diplomatic relations and this long association shows the close relations between the two countries.
