Cambodia-Japan Trade Surges to $1.1 Billion in S1
Cambodia-Japan Trade Surges to $1.1 Billion in S1
Bilateral trade between Cambodia and Japan increased in the first half of this year, recovering from last year, which was hit hard by the pandemic.
Data from the Japan External Trade Organization (JETRO) showed that from January to June Cambodia exported $814 million of products to Japan, a year-on-year increase of 2.7 percent.
Meanwhile, Cambodia spent some $295 million importing goods from Japan, a 35 percent increase.
The two-way trade was valued at $1.109 billion, a year-on-year increase of 9.5 percent.
The main exports to Japan included garments, bags, footwear, furniture, cosmetics, paper and office supplies and leather goods.
Cambodia imported machinery, automobiles, electronics, furniture, fabrics and plastics from Japan.
The growth in bilateral trade showed a positive trend after the two countries expressed the possibility of establishing an official bilateral trade agreement.
Nguon Meng Tech, director-general of the Cambodia Chamber of Commerce (CCC), said in June that the bilateral trade pact will boost more investment from Japan to Cambodia.
“The positive growth of exports to Japan is a good sign for Cambodia’s trade and it is suited to the situation that Cambodia is having in bilateral free trade with countries such as China and South Korea,” he said.
The CCC has announced it is planning to open its first representative office in Japan with the main aim of attracting Japanese investment into the Kingdom.
The Ministry of Commerce has stated that it is targeting Japan among priority trade countries that Cambodia plans to work with on the establishment of bilateral trade agreements.
Cambodia exported $8.201 billion in the first six months of 2021, a 17 percent increase compared with the same period last year, according to a report from the Ministry of Economy and Finance.
Japan is one of the Kingdom’s primary export markets, which include the US, the EU, Canada, China, South Korea and ASEAN members.
In 2020, two-way trade between the two countries was valued at $2.099 billion, an 8 percent drop compared with 2019.
Khmer Times
