Cambodia’s Global Trade Sees 14.5% Dip in 2023, But Exports Buck the Trend

• 13 September 2023
• Local News
• 1627 Views

In the first eight months of 2023, Cambodia’s international trade experienced a significant downturn, with a 14.5% decrease compared to the same period in the previous year, according to data from the General Department of Customs and Excise (GDCE). However, in a surprising turn of events, Cambodia’s exports managed to defy this trend, showing robust growth.

During this period, Cambodia’s total trade volume with the international community reached approximately US$31.97 billion. The decline was primarily driven by a reduction in imports, which totalled US$16.28 billion, marking a substantial 25.2% decrease compared to the previous year.

On the bright side, Cambodia’s exports demonstrated remarkable resilience. The nation exported goods worth US$15.69 billion, an increase of 0.32% compared to the same period in 2022 when exports stood at US$15.64 billion.

Key export markets for Cambodia included the United States, where exports were valued at over US$6 billion (down 4.8%), China with more than US$939 million (up 16.8%), and Vietnam, which saw a substantial increase, reaching more than US$1 billion (up 26.1%). Other significant markets, such as Japan, Germany, and Canada, played their respective roles in Cambodia’s trade landscape.

Notable export categories for Cambodia included garments and accessories made from textiles, with exports valued at US$4.5 billion (down 20.9%), machinery and electrical appliances exceeding US$1 billion (up 98.5%), and second-hand garments surpassing US$1.8 billion. Additionally, Cambodia’s exports of rubber and rubber products reached US$308 million (up 55.3%), while edible vegetables recorded US$332 million (up 22.3%).

Despite the global trade slowdown, Cambodia’s exports, particularly in machinery and textiles, remained a bright spot in the nation’s economic landscape. The kingdom continues to navigate through challenging times with resilience and adaptability.

• Business and Market
• Economy and Finance