Cambodia Witnesses a 55 Percent Surge in Exports to India, Bolstering Bilateral Trade to $443 Million

Cambodia Witnesses a 55 Percent Surge in Exports to India, Bolstering Bilateral Trade to $443 Million

VoM News Desk | December 16, 2023 | 12:46 PM IST | Cambodia | Follow on Google News

Cambodia Witnesses a 55 Percent Surge in Exports to India, Bolstering Bilateral Trade to $443 Million

Cambodia Witnesses a 55 Percent Surge in Exports to India, Bolstering Bilateral Trade to $443 Million

The economic resurgence in Cambodia has been showcased through a staggering 55% upswing in exports to India, surging to over $264 million within the initial 11 months of 2023. This substantial increase, reported by the General Department of Customs and Excise (GDCE), has robustly elevated the total trade volume between the two nations to an impressive $443 million.

Expanding Trade Surplus
While Cambodia’s exports witnessed an exponential rise, its imports from India experienced a notable 21.8% decline. This downturn led to a significant expansion of Cambodia’s trade surplus, reaching an impressive $85.77 million. This surge in trade is attributed to an upsurge in Cambodian production, meeting the burgeoning demand in the Indian market, primarily dominated by textiles and agricultural products.

Import Trends and Diversification
Conversely, Cambodia’s primary imports from India revolve around technology, medical, and pharmaceutical products. To lessen dependence on such imports, the Cambodia Chamber of Commerce advocates for diversifying production to reinforce exports and minimize local goods’ importation.

Rising Tourism and Diplomatic Ties
In conjunction with the thriving trade, Cambodian tourism has witnessed a remarkable boost, with Indian visitors surging by 146.7% in the first ten months of 2023. This upsurge in tourism, coupled with strengthened diplomatic and trade cooperation and the advent of direct flights, solidifies the enduring bond between the two nations.

Anticipated Growth and Agreements
With the recent Cambodian-Australian Free Trade Agreement and ongoing negotiations for the Cambodia-European Union Free Trade Agreement, Cambodia’s export sector is expected to sustain its upward trajectory. This substantial increase in exports to India, combined with prospective new trade agreements, indicates a promising trajectory for Cambodia’s evolving trade landscape.

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