Cambodia has recorded a trade surplus with Vietnam in the first five months of 2024, making Vietnam the second biggest market for Cambodia’s products after the US.
In the past, Cambodia’s exports to Vietnam have been less than Cambodia’s imports from Vietnam. However, the momentum of Cambodia’s exports to Vietnam has increased significantly in the last several months.
Figures from the General Department of Customs and Excise (GDCE) showed on Tuesday that in the first five months this year, Cambodia exported goods worth $1.88 billion to Vietnam, an increase of 42.6 percent, while imports from Vietnam were worth only $1.67 billion, an increase of eight percent compared to the same period last year.
This gave Cambodia a trade surplus with Vietnam to the tune of $216 million.
“Vietnam has significantly increased its agricultural purchases from Cambodia after it opened up a free trade market with the European Union, which boosted Vietnam’s demand for raw materials,” said Penn Sovicheat, Secretary of State and spokesman at the Ministry of Commerce.
Climate change, which is causing concerns about declining global agricultural output, is also part of the reason behind Vietnamese firms increasingly seeking to buy agricultural products or raw materials from abroad, including from Cambodia, to serve their production lines, he said.
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Reporter: Chea Vanyuth
Source: Khmer Times
June 13, 2024
