Vietnam-Cambodia trade surges, nearing $20b

Trade between Vietnam and Cambodia is projected to reach a significant milestone of $20 billion, Vietnam News Agency reported according to WAM.

Cambodia supplies raw materials, especially rubber, to Vietnamese industries, while Vietnam provides finished products like iron, steel, construction materials, processed food, and consumer goods to Cambodia.

Two-way trade grew at an average annual rate of 18.5 per cent between 2010 and 2015, followed by a further 17 per cent per year from 2016 to 2020. The trade value in 2020 was $5.31 billion, which is higher than $2.92 billion in 2016.

In 2022, trade value surged to $10.57 billion, an 11 per cent increase. This positive trend continued into 2024, with the first five months seeing a trade value of $4.6 billion, a 13.4 per cent year-on-year growth.

Vietnam’s exports to Cambodia during the first half of 2024 were estimated at $2.5 billion, primarily consisting of iron and steel, apparel, and petrol and oil. However, this figure marks a slight 1.1 per cent decrease compared to the same period last year.

Meanwhile, Vietnam’s imports from Cambodia in the first half of 2024 increased by 38.4 per cent to $2.9 billion. The rise is due to higher imports of cashew nuts, rubber, fruits, and vegetables.

Attribution: WAM