PHNOM PENH: Cambodia exported $424 million worth of bicycles to foreign markets as of the third quarter of 2023, a year-on-year drop of 42.8 percent, said a Ministry of Commerce’s report released on Wednesday.

Bicycle is one of the Kingdom’s key manufacturing products for export after clothes, footwear, and travel goods.

The main markets for Made-in-Cambodia bicycles are the U.S., Germany, the UK, Japan, China, ASEAN countries, Belgium, Holland, Austria, Sweden, Denmark, Australia, Czech Republic, Italy, Columbia, South Korea, Spain, Slovenia, and Canada.

The bicycles are assembled only in the special economic zones located in Bavet city, Svay Rieng province, which shares the border with Vietnam.

There are five plants assembling bicycles for export. They are Evergrand Bicycle (Cambodia) Co., Ltd., Speedtech Industrial Co., Ltd., Smart Tech (Cambodia) Co., Ltd., A and J (Cambodia) Co., Ltd., and XDS Bicycle (Cambodia) Co., Ltd.

Cambodia is among the top five exporters of bicycles in the world after China, the Netherlands, and Germany.

Cambodia earned $900 million from the export of bicycles in 2022, an increase of 43 percent compared to 2021.