Exports to Thailand, Vietnam up as Traditional Markets Shrink

Cambodia’s exports to neighboring Thailand and Vietnam surged in January this year compared to the same period last year in sharp contrast to the country’s exports to traditionally strong markets such as China and the US declining during the period.

According to the data of the General Department of Customs and Excise (GDCE), the exports to Thailand spiked by 22.8 percent to $107 million and to Vietnam by 10.7 percent to $172 million in January 2023 compared to January 2022. The exports to China declined by 22.2 percent to reach $81 million and by 23 percent to the US earning $562 over the same period.

Despite the decline in exports, the US remained the biggest market for Cambodian goods with a share of 35.9 percent in January. China’s share declined to 5.2 percent from 5.7 during the same period.

Vietnam was the second biggest export market of Cambodia in January this year with a share of 11 percent and Thailand was the third with a share of 6.9 percent. Japan came fourth and China stood at fifth.

The Kingdom’s exports to Japan also showed a growth of 6.8 percent and reached $104 million in January 2023 from $98 million in January 2022.

Another market that proved to be good for Cambodia this January was Australia where the country dispatched goods worth $32 million as against $30 million in January 2022, showing a growth of 7.1 percent over the period.

The exports to India grew by 101.7 percent to reach $22 million and Taiwan by 34.1 percent to move to $9 million.

In fact, Cambodia’s overall foreign trade (exports and imports together) declined by 29 percent in January 2023 compared to the same period in 2022 and recorded $3.4 billion, according to the GDCE data.

https://www.khmertimeskh.com/501241502/exports-to-thailand-vietnam-up-as-traditional-markets-shrink/