A worker collects latex from rubber trees, one of Cambodia's key commodities exported to Vietnam. Post Staff
The exchange of goods between Cambodia and Vietnam in the first three quarters of 2024 reached over $5.8 billion, a 20% increase compared to the same period in 2023, with Cambodia's trade deficit amounting to over $360 million.
From January to September, total trade between the two countries totalled $5.819 billion, a 21.9% year-on-year increase from $4.774 billion, according to the General Department of Customs and Excise (GDCE).
Cambodia exported $2.727 billion worth of goods to Vietnam, up 33.8% from $2.039 billion, while imports from Vietnam were $3.092 billion, a 13% increase from $2.736 billion. Cambodia's trade deficit was approximately $364.58 million, compared to a deficit of $697.26 million in the same period in 2023.
For September alone, trade with Vietnam totaled $586.25 million, a 24.36% year-on-year increase. Exports to Vietnam amounted to $262.69 million, up 41.8%, while imports from Vietnam were $323.55 million, up 13.1%.
Vietnam is Cambodia's third-largest international trade partner, following China and the US.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, told The Post on October 17 that the country’s close geographical and political ties with Vietnam have continuously boosted trade and movement between the two countries.
He said that due to the lack of sufficient stockpiling warehouses and processing factories for agricultural products in Cambodia, many local and international traders come to buy Cambodian products for export to Vietnam during harvest seasons.
He added, "The trade value between the two countries will continue to rise. The actual figures could surpass recorded numbers. Vietnam is a key market for Cambodia's agricultural products.”
According to Heng, the country’s main exports to Vietnam include rice, rubber, cashew nuts, cassava, corn, bananas, mangoes and tobacco, while imports from Vietnam consist of construction materials, machinery, petroleum, electronic devices, agricultural fertilisers, spices, vegetables and fruits.
He also noted that besides trade, tourism between the two countries has also seen a significant rise.
From January to August, Cambodia received a total of 4.29 million foreign tourists, a 22.5% increase compared to the same period in 2023. Of these tourists, 868,445 were from Vietnam, a 35.3% increase compared to the same period in 2023, according to the Ministry of Tourism.
Hong Vanak, an economist at the Royal Academy of Cambodia, said that more than a decade ago, the country’s export value was minimal. He said the ASEAN Economic Community (AEC) and bilateral relations have helped Cambodia’s exports to Vietnam increase steadily over the past few years.
Vanak added that the opening of border checkpoints and improvements in export conditions have further facilitated trade activities.
"With the continued growth of trade volume, I am confident that Cambodia-Vietnam bilateral trade will improve further,” he said.
In 2023, total trade between the two nations reached $6.58 billion, a 7.3% increase compared to $5.613 billion in 2022. Cambodia's exports amounted to $2.97 billion, a 37.1% increase, while imports from Vietnam reached $3.61 billion, a decline of 8.9%. Cambodia's trade deficit continued to shrink to approximately $639.62 million, compared to $1.8 billion in 2022, according to the GDCE.
