Cambodia-China trade volume exceeded US$9 billion in the first nine months of this year

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[INNEWS Comprehensive Report] Recently, the General Administration of Customs of Cambodia released a report stating that China is Cambodia’s largest trading partner. In the first nine months of 2023, the trade volume between Cambodia and China exceeded US$9 billion, an increase of 3.4%. Compared with the same period in 2022, to US$8.7 billion.

The report shows that China remains the world’s largest trading partner, second only to the United States (more than US$7 billion), Vietnam (US$4.7 billion), Thailand (US$2.8 billion) and Japan (US$1.3 billion). Cambodia’s main export products to China are: clothing, mechanical and electrical equipment, footwear products, leather products, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles. Products imported from China are: textiles, cotton, metals, construction materials, electronics, plastics, aluminum, paper and cardboard.

Cambodia and China signed a free trade agreement, a move that has brought many benefits to trade between the two countries, especially the export of duty-free goods. The two partners have taken their cooperative relationship to a new level – beyond steel friendship and moving towards diamond-level friendship. Together they are committed to building a partnership of progress, prosperity and mutual understanding. Since 2010, Cambodia and China have become strategic partners and have carried out comprehensive cooperation. Both governments are committed to promoting bilateral trade under the policy framework of the Silk Road, Economic Belt and 21st Century Silk Road, striving to increase trade volume by more than US$12 billion by 2023.

At the same time, Prime Minister Hun Manet will attend the 3rd “One Belt, One Road” International Cooperation Summit Forum to be held in Beijing, China from October 17th to 18th, and meet with China’s top leaders and many major players including enterprises and the banking industry. enterprise.

According to Cambodian experts, Prime Minister Hun Manet meeting with all these business groups is a positive signal for Cambodia to attract more Chinese investment to do business in Cambodia. ​

According to data from the General Administration of Customs of Cambodia, the total trade volume between Cambodia and China in 2022 will exceed US$11 billion, an increase of 4.4% over 2021. Among them, Cambodia exports products to foreign markets, and China imports US$1,240.63 million, a decrease of 17.9%. Imports from China exceed 100 billion, an increase of 7.9%.