Cambodia’s export of goods to China saw a significant rise, valued over $1.1 billion in the third quarter this year—a year-on-year increase of 52.74 per cent, according to figures from the former’s ministry of commerce. Both sides are committed to raising bilateral trade to $10 billion by 2023 from $8.1 billion last year, according to a ministry report.
The 2020 bilateral trade figure was down by 5.2 per cent from the 2019 figure.
Cambodia imported $6.8 billion worth of goods from China in the third quarter, a 36.32 per cent increase compared to the same period last year.
This made the bilateral trade at $7.9 billion, a year-on-year increase of 38.36 per cent.
The two countries reached a bilateral free trade agreement, which the Cambodian government ratified recently. The trade pact is to open more markets for Cambodia’s products, mainly agricultural products to China, Cambodian media outlets reported.
According to Lim Heng, vice president of the Cambodia Chamber of Commerce, bilateral trade will rise further and the variety of products Cambodia exports to China will increase.
The main products Cambodia exports to China’s market are milled rice, cassava, fresh mango and banana, while it imports raw materials for garment production, building materials and vehicles.
Last year, Cambodian imports from China dropped by nearly 7 per cent as lockdowns forced the closure of the country’s garment factories.