UK minister for Indo-Pacific Anne-Marie Trevelyan met with Minister of Economy and Finance Aun Pornmoniroth on March 4. Economy Ministry
As the global economy advances, Cambodia’s exports to the UK increased by more than 25% in the first two months of 2024 compared to the same period last year, as reported by the General Department of Customs and Excise (GDCE).
According to the department, the UK is a key trading partner, ranking as Cambodia’s eighth-largest trading partner, following China, Vietnam, the US, Thailand, Japan, Indonesia and Canada.
Since April last year, the country has been benefiting from the UK’s Developing Countries Trading Scheme (DCTS). Under the mechanism, Cambodian exports enjoy tariff- and quota-free access to the UK market, as part of the Generalised System of Preferences (GSP).
Between January and February, Cambodia exported goods worth $135.8 million to the UK, a 25.1% increase from $95.40 million in the same interval of 2022, while total imports amounted to $6.85 million, a 47.9% decrease from $13.15 million.
Bilateral trade for the period reached $142.67 million, marking a 17.2% increase compared to $121.696 million year-on-year, resulting in a trade surplus with the UK of $128.97 million.
Ly Khun Thai, president of the Cambodia Footwear Association (CFA), noted that the increase in exports to the UK reflects an improvement in the global economy, particularly as salesof clothing, footwear and travel goods to the UK declined last year.
“For 2024, I am optimistic about Cambodia’s [sales] to international markets, including the UK, as we see improvement in our exports to many key markets like the UK and US,” he said.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, noted that since the UK is part of Europe, some goods exported to the nation could also access European markets.
“The UK, being a developed country with a growing industrial sector, mainly imports textiles and agricultural products from Cambodia,” he stated.
He added that the preferential tariff system provided by the UK to Cambodia last year helped increase exports.
UK minister for Indo-Pacific Anne-Marie Trevelyan visited Cambodia from March 2-4 to bolster cooperation in trade, economic development and education.
During her trip, Trevelyan met with Minister of Economy and Finance Aun Pornmoniroth to discuss the UK’s support for sustainable development in Cambodia, including in green infrastructure.
“I’m delighted to be making my first visit to Cambodia, a country with a remarkable ancient history and one of the fastest-growing economies in ASEAN. The UK-Cambodia bilateral relationship is flourishing across various sectors and we are dedicated to supporting Cambodia in its next phase of development,” Trevelyan said, speaking ahead of the visit.
“I’m keen to learn more about how our British investment partnerships are benefiting Cambodia and the impact of UK education in nurturing local talent,” she added.
British ambassador to Cambodia Dominic Williams noted that Trevelyan’s trip was the first ministerial visit from the UK since Prime Minister Hun Manet’s government came to power last August.
“The UK is committed to fostering job-creating economic growth in Cambodia through sustainable investment, development initiatives and trade. The visit is also an opportunity for open dialogue on important national and international matters. I’m pleased that the minister will engage with a diverse group of Cambodians to discuss the future,” he stated.
According to the GDCE, the Kingdom’s exports to the UK mainly consist of clothing, footwear, travel goods, bicycles and agricultural products, while imports include automobiles, machinery, electrical equipment and electronic components.
