Singapore poised to edge out Thailand in Cambodia trade

Singapore poised to edge out Thailand in Cambodia trade

Imports drive the trade expansion with Singapore, surging 143.4% year-on-year to $1.67 billion in the first nine months.

With average monthly trade growth of 197% in the first nine months, Singapore is on track to overtake Thailand as Cambodia’s fifth-largest trading partner, with bilateral trade reaching $1.74 billion, compared with $2.08 billion with Thailand.

The contrasting trade performances have emerged following the Cambodia-Thailand border conflict in December 2025, with trade between the two kingdoms dropping significantly throughout the first nine months, while trade with Singapore recorded strong growth.

According to the latest data from the General Department of Customs and Excise (GDCE), Cambodia’s trade with Singapore increased 137.4% year-on-year to $1.74 billion from January to September.

Meanwhile, bilateral trade with Thailand fell 28.5% year-on-year to $2.08 billion from $2.91 billion in the same period last year, making it remain Cambodia’s fifth-largest trading partner but just $340 million ahead of Singapore.

The monthly figures showed that Cambodia-Thailand trade fell 43.5% year-on-year to $209 million in January. The rate of decline gradually eased to 42.3% in February, 39.4% in March and 38.1% in April before reaching 38.7% in May.

The contraction moderated to 37.5% in June, 32.7% in July and 32% in August before easing further to 28.5% in September, suggesting the pace of decline in bilateral trade gradually slowed over the same period.

However, Cambodia-Singapore trade grew 224% year-on-year in January, reaching $174 million, followed by increases of 191.5% in February and 191.8% in March. Growth accelerated to 220.8% in April and peaked at 242.2% in May.

The growth rate subsequently eased to 216.1% in June, 188.8% in July, 164% in August and 137.5% in September, although the cumulative trade value continued to rise.

The expansion in trade with Singapore was driven primarily by imports, which surged 143.4% year-on-year to $1.67 billion in the first nine months. Cambodia’s exports to Singapore increased 47.6% to $68.13 million.

As imports substantially exceeded exports, Cambodia’s trade deficit with Singapore widened to approximately $1.60 billion, compared with $640.8 million in the same period last year.

The export coverage ratio, measuring exports as a proportion of imports, declined from 6.7% to 4.1%, indicating that Cambodia’s exports covered a smaller share of its imports from Singapore, further widening the trade imbalance.

Meanwhile, Cambodia’s imports from Thailand fell 33.9% year-on-year to $1.54 billion, while exports declined 6.5% to $538.74 million. The trade deficit between the two neighbouring kingdoms has narrowed to about $1 billion from $1.76 billion a year earlier.

khmertimeskh