During the first four months of this year, the bilateral trade between Cambodia and China has increased by 19.7 percent to $3 billion. Exports to China increased by 42 percent to $424 million, while imports increased by a more modest 16.7 percent to $2.58 billion. This means a trade deficit of $2.156 billion.
The Cambodia-China FTA (CCFTA), ratified last year, is anticipated to boost bilateral trade to $10 billion by 2023.
Penn Sovicheat, Ministry of Commerce under-secretary of state, stated: “The opportunity available in the Chinese market will help to promote larger trade volumes and strengthen stronger ties between the two countries under the recently-signed [CCFTA].”
Cambodia recently consummated a trade deal allowing for the export of fresh mangoes to the mainland and is now working to develop similar arrangements for bird’s nests, coconuts, longan and dragon fruit.