US remains Cambodia’s number one export market in 10 months
US remains Cambodia’s number one export market in 10 months
In the first ten months, the United States remained Cambodia’s number one export market, while Vietnam at number two, according to a data released by the General Department of Customs and Excise (GDCE).
Cambodia’s exports to the US market reached $8.23 billion in the first ten months. This made the United States Cambodia’s number one market, while Vietnam and China stood at stood number two and three respectively.
GDCE’s trade statistics between Cambodia and major countries in the world showed that from January to October 2024, Cambodia exported goods to the United States reached $8.23 billion, up 9.8 percent, while imports from the United States reached $217 million, up 7.5 percent.
After the United States, Vietnam is Cambodia’s second largest market, with $2.9 billion in exports, up 31.2 percent, and $3.4 billion in imports from the neighbouring country, up 14.5 percent.
China, it is the third largest market. According to statistics, Cambodia’s exports to China reached only $1.4 billion, up 12 percent, while imports reached $10.9 billion, up 23.2 percent.
At the same time, Japan is Cambodia’s fourth largest market, with exports reaching $1.1 billion, up 18 percent, while imports were worth $600 million, up 15.6 percent. Canada, the fifth largest market, saw Cambodia’s exports exceeding $900 million, up nearly 30 percent, while imports from the country reached $48 million, down more than 10 percent.
Lim Heng, Vice President of the Cambodia Chamber of Commerce, told Khmer Times that trade volume between Cambodia and the US is already in good shape as it sees that trade with the United States is increasing year by year.
“Meanwhile, raising tariffs between the United States and China is also an opportunity for Cambodia, because in the past we have already seen that raising tariffs makes Chinese investors and some other countries to invest and produce in Cambodia and export to the United States,” Heng said.
“If Cambodia can re-apply for GSP, it will increase investment in Cambodia while Cambodia’s exports are doing well, and we hope that both economic and political relations between Cambodia and the United States will improve,” he added.
Speaking on the occasion of presiding over the 20th anniversary of Cambodia’s accession to the World Trade Organization (WTO) in October, 2024, Prime Minister of Cambodia, Hun Manet, the Cambodian market is small, so it must open its doors to trade with international markets and must allow the export and import of goods between each other.
“At the same time, in order to open the market, trade with international markets must be open for export and import between each other and must dare to compete with the other countries. The thing is that Cambodia cannot close the country not to import,” Manet said.
In a competition field, there must be openness, because when Cambodia became a member of the International Trade Organization, Cambodia could not impose some conditions for self-defense, if we apply any conditions, it means that we do not accept this or that condition and meanwhile, they do not also accept ours. Therefore, trade is open on both sides and must adapt to different conditions or circumstances,” he added.
An official report from GDCE released on Monday said Cambodia exported products worth $21.57 billion in the first 10 months of 2024, up 16 per cent from $18.59 billion in the same period last year. The main exported items included garments, footwear, travel goods, bicycles, car tires, and potential agricultural produce such as rice, rubber, cassava, bananas, mangoes, and longans.
The report added that the top five export destinations for Southeast Asian nations are the United States, Vietnam, China, Japan, Canada and Thailand.
