Cambodia’s exports to Australia were valued at nearly $450 million during the first eleven months of 2024, marking a 36 percent increase compared to the same period in the previous year, according to a recent report from the Ministry of Commerce (MoC).
The report also noted that the bilateral trade volume between Cambodia and Australia reached $547 million during this period, reflecting an increase of 20.95 percent year-on-year.
Of the total trade volume, Cambodia’s exports accounted for $444 million, an increase of 36.66 percent compared to the corresponding period in 2023, read the report.
Meanwhile, imports from Australia were valued at $102 million, representing a decline of 19.33 percent, it added.
Australia is a member of the Regional Comprehensive Economic Partnership (RCEP), which came into effect on January 1, 2022.
The trade agreement includes 15 members—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, China, Japan, South Korea, Australia, and New Zealand.
Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), told Khmer Times that the RCEP agreement has significantly boosted Cambodia’s exports and domestic investment, helping to create more export opportunities for the country.
“RCEP countries remain potential markets for Cambodia and will complement the EU and US markets under the EBA and GSP trade preferences,” he added.
Cham Nimul, the Minister of Commerce, recently highlighted Cambodia’s key export markets, which include Australia, the United States, ASEAN member states, Europe, China, Japan, Canada, the United Kingdom, and Korea.
Minister Nimul underscored the importance of leveraging Cambodia’s existing free trade agreements (FTAs) with various partner countries.
She stated, “Cambodia has free trade agreements with many partner countries, so we need to maximize the benefits of these agreements and expand into new markets to boost our exports.”
She also emphasized the need to explore new opportunities to diversify Cambodia’s export destinations, thereby enhancing the country’s economic resilience and fostering sustainable growth.
MoC remains committed to strengthening existing trade partnerships and adopting innovative approaches to enhance Cambodia’s export potential in the years ahead.
In January 2023, the MoC and the Australian Embassy in Cambodia jointly announced the launch of two key market research papers.
The first paper focuses on Cambodian agricultural products for export to the EU and ASEAN markets, while the second explores Cambodia’s access to global markets through free trade agreements.
Additionally, they announced the introduction of the Single Digital Platform, which includes the Free Trade Agreement (FTA) Portal website, the Self-Certification System, and the Rule of Origin International Verification System.
These tools are designed to assist businesses in maximizing the benefits of all free trade agreements to which Cambodia is a signatory.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
