PHNOM PENH: Cambodia’s car tire exports have witnessed a phenomenal surge in 2024, with the first five months reaching a staggering $308 million, a whopping 204% increase compared to the same period last year ($101 million). This impressive growth is attributed to the recent rise in car tire factories setting up shop in Cambodia, according to the Ministry of Commerce.

“Car tires are a new export product for Cambodia, reflecting the government’s successful efforts to diversify and expand exports to international markets,” said H.E. Penn Sovicheat, Secretary of State and Spokesperson for the Ministry of Commerce. “Opening new markets for tire products is a key step in our export expansion strategy, and the tire industry holds immense potential for Cambodia.”

The country currently boasts three operational car tire manufacturing facilities, with two more projects having received investment approval. This growth signifies that Cambodia-made car tires are meeting the quality standards of foreign markets.

Interestingly, Cambodia’s rubber exports, the raw material for tires, have also seen an increase. The country exported 69,322 tons of dry rubber in the first quarter of 2024, a 5.1% rise compared to the same period in 2023. This rubber is primarily exported to Malaysia, Vietnam, Singapore, and China. Cambodia currently has over 407,000 hectares dedicated to rubber trees, with nearly 80% ready for tapping.

In a recent push to create a market for domestic rubber plantation farmers, Prime Minister Hun Manet has urged all tire factories in Cambodia to utilize domestically produced rubber as their primary material. This move is expected to further strengthen Cambodia’s tire industry and create a symbiotic relationship between rubber producers and tire manufacturers.