Exports of Cambodia’s Bicycles Skyrocket to Over $566M
Bicycle Exports Brought In Almost $250M in S1
The export of Cambodia’s bicycles skyrocketed 71.32 percent year-on-year to $566.2 million last year, data from the Ministry of Industry, Science, Technology and Innovation showed.
Cambodian bicycle manufacturers supplied bicycles to the local market of $7.9 million in value, a 57 percent increase year-on-year.
Bicycles became one of Cambodia’s main manufacturing products with clothes, footwear, travel goods, electronic components, and agricultural products.
Heng Sokkong, secretary of state of the Ministry of Industry, Science, Technology and Innovation, said that industrial product diversification is being made as demand and orders of non-garment products have been on the rise.
Products such as clothes, footwear, and bags (travel goods) remain Cambodia’s potential products and the country also produces other products such as medical masks and suits for export, he said.
The country is diversifying some technology-based industrial products and the export is also on the high growth, Sokkong said.
“The bicycle manufacturing industry made substantial export, to many countries, particularly to the EU, where our bicycles are popular,” Sokkong said.
The main markets for Kingdom’s bicycles are the US, Germany, UK, Japan, China, Asean countries, Belgium, Holland, Austria, Sweden, Denmark, Australia, Czech, Italy, Columbia, South Korea, Spain, Slovenia, and Canada.
The bicycles are assembled only in the special economic zones located in Bavet city, Svay Rieng province, which shares a border with Vietnam.
Currently, five companies assemble bicycles for export. They are Evergrand Bicycle (Cambodia), Speedtech Industrial Co Ltd, Smart Tech (Cambodia) Co Ltd, A and J (Cambodia) Co Ltd and XDS Bicycle (Cambodia) Co Ltd.
Bicycles are exported under free trade agreements, other trade deals, the Generalised System of Preferences and Most-Favoured Nation (MFN) schemes.
As of 11 months of 2021, Cambodia’s total export (excluding gold) achieved a total amount of $15.6 billion, an increase of 22.6 percent compared to the same period last year, according to the Socio-Economic Trends report of the Ministry of Economy and Finance.
The growth is driven by the increase of garments, bicycles and other export goods including furniture, rubber, fur skins, solar, electronics and electronic parts, bananas, wires and cables, sugar, other agricultural products, cassava, mango and so on. Khmer Times
