Cambodia-Germany trade hit over $1 Billion last year

PHNOM PENH: Cambodia exported some US$1,083 million worth of products to the German market last year, according to the latest report from the General Department of Domestic Trade of the Ministry of Commerce.

The figure represents an increase of about 23 percent compared to 2021, the same source underlined. Meanwhile, Cambodia’s imports from Germany rose by about 3 percent to US$163 million in 2022, said the report.

Cambodia’s major exports to Germany include garments, footwear, travel goods, agricultural products, electrical components, and bicycles, while its main imports are vehicles, construction materials, and furniture.

In the first 11 months of 2022, the foreign trade in Cambodia totaled more than 48 billion US dollars, a 12% increase over the same period in 2021.

Cambodia’s exports increased by 18% to more than $20 billion, while imports increased by 9% to nearly $27 billion. This is according to a report presented by Cambodia’s General Department of Customs and Excise.

China remains Cambodia’s largest trading partner, with a total trade volume of more than $10 billion, an increase of 6%. With a total trade volume of over $8 billion, the United States ranks second after China, with Cambodia up 21 percent, followed by Vietnam, Thailand, and Singapore.

According to a World Bank report issued in early December, Cambodia’s largest trading partner, China, remains a key destination for agricultural exports from Cambodia. The bilateral free trade agreement between the two countries went into effect in January 2022.

Cambodia’s largest export market, accounting for more than 40% of total Cambodian exports, is the United States, and export growth to this market is strong.

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