Cambodia's exports to the world’s second-largest economy surged more than 8 per cent in value to $1.086 billion last year. In 2019, it posted US$1.004 billion. By contrast, Cambodia’s imports from China slumped about 10 per cent in value to just slightly over $7 billion last year.
Cambodia Chamber of Commerce vice-president Lim Heng stressed that Cambodia-China trade relations are still strong, even as regional and global economies square off against disruptions in value chains.
“We won’t deny that there was some disruption in production and exports to China and other countries last year as a result of Covid-19. But, with the close relations between the two countries, we ratcheted up our exports to China again last year, ” he told thestar.com.my.
There are also prospects of future export growth due to the bilateral Cambodia-China Free Trade Agreement (CCFTA) that was signed on October 12, allowing Cambodia to export a wide range of goods to the Asian juggernaut at a zero per cent tariff rate.
Shipments of cassava, cashew nuts, mango, yellow bananas and Pailin longan weighed in at 7 million tons, 218,884 tons, 850,000 tons, 313 tons and 174 tons, respectively, valued at “more than $1 billion”, $288 million, $473 million, $551 million and $57 million.