Cambodia earned nearly $750 million from exports to the UK in the first nine months of 2024, marking a year-on-year increase of over 20%, as trade between the two countries reached nearly $800 million.
According to the General Department of Customs and Excise (GDCE), from January to September, exports to the UK market amounted to $746.19 million, reflecting a 22.6% increase compared to the same period in 2023. Meanwhile, imports from the UK amounted to only $39.72 million, a decline of 39.4%. In total, the value of goods traded between the two countries reached $785.9 million, a 16.6% increase from the same period in 2023.
Cambodia's trade surplus with the UK stood at approximately $706.47 million for the period, up from $543.07 million year-on-year. The UK is the country’s ninth largest trading partner, following China, the US, Vietnam, Thailand, Japan, Canada, Spain and Indonesia.
Hong Vanak, an economist at the Royal Academy of Cambodia, told The Post on October 31 that the UK is a key market for Cambodia, frequently purchasing textile products such as garments, footwear and travel goods (GFT).
He also said that Cambodia has recently attracted several new investment projects for GFT factories.
Vanak added that exports to the UK are expected to increase further as the quality of Cambodian products gains broader international recognition.
He noted that the textile export market also benefits from political instability in some competitor countries like Bangladesh and Myanmar.
He further explained that when the global economic situation improves, people tend to spend more on goods and travel, which will likely boost demand for Cambodian textile products. In addition to textile products, he said the UK also imports certain agricultural products from Cambodia.
Vanak stated, “Bilateral trade between Cambodia and the UK, particularly Cambodia's export value, is expected to continue growing as some Cambodian goods exported to the UK market benefit from duty exemptions or low tariff rates.”
Additionally, he pointed out that as the UK is located in Europe, some goods exported from Cambodia to the UK also find their way into other European markets.
Ly Kunthai, president of the Cambodia Footwear Association (CFA), recently highlighted that after a decline – from the beginning of the second half of 2022 to the end of the first half of 2023 – exports of GFT goods have rebounded significantly. He noted that the UK is one of the major markets for these products.
He added, “I am optimistic that Cambodia’s exports to the international market, including the UK, will continue to rise.”
Currently, the country exports items such as garments, footwear, bags, bicycles and agricultural products to the UK, while imports from the UK include vehicles, machinery, electrical equipment and electronics, according to Kunthai.
In 2023, total trade volume between Cambodia and the UK was $872.96 million, a 10.7% decrease from $977.44 million in 2022. Of this, Cambodian exports to the UK were $796.38 million, a 10.2% decline, while imports from the UK were $76.58 million, down 15.9%, as reported by GDCE.