Cambodia’s exports to Singapore double in 2024
Cambodia’s exports to Singapore double in 2024
Cambodia’s trade with Singapore skyrocketed by 101 percent to reach $103 million last year, according to a report from the General Department of Customs and Excise of Cambodia.
Meanwhile, imports from the ASEAN nations inched down by 7.8 percent to $798 million.
According to the data, bilateral trade between the two ASEAN nations inched down by 1.7 percent to $901 million.
The Kingdom exports to Singapore include agricultural products such as Kampot pepper, Kampong Speu palm sugar, Koh Trong pomelos, mangoes and milled rice, precious stones, metals, rubber items, garments, electrical and electronic equipment and footwear.
Cambodia Chamber of Commerce Vice President Lim Heng credited the rise in exports, particularly agricultural products, to the successful implementation of key trade agreements like the ASEAN Free Trade Agreement, and Regional Comprehensive Economic Partnership.
Talking to Khmer Times, Heng said, “These agreements have opened up new markets for Cambodian goods within the ASEAN region, including Singapore.”
The two countries concluded negotiations on drafting an MoU on government-to-government (G2G) trade last year. In 2024, Cambodia exported 10,540 tonnes of milled rice to Singapore.
The Cambodia-Singapore Business Forum was held last year in Singapore offering a unique opportunity for government officials, business leaders, investors, and entrepreneurs from both countries to explore opportunities, share insights, and build lasting partnerships in key sectors.
The event was designed as a strategic platform to accelerate trade and investment between the two nations, fostering economic cooperation and strengthening bilateral relations.
It was to promote business and investment between the two countries and strengthen Cambodian-Singaporean business relations as well as discuss opportunities and explore potential areas for joint cooperation.
Cambodia and Singapore are working on the cross-border electricity trade from Laos. Both countries are establishing a framework to facilitate the development of cross-border electricity trading projects in ASEAN, starting from the project between Lao PDR, Cambodia, and Singapore.
The two countries have also signed deals to expand partnerships in new areas like connectivity, infrastructure development, agri-trade, fintech and digital economy.
Traditionally, Singapore investment firms have preferred investing in Cambodia’s manufacturing units, real estate and construction projects, the services industry, technology and innovation.
