Cambodia achieved more than $264 million from exports to India in the first 11 months of 2023, marking an increase of over 55% compared to the same period in 2022.
The surge brought total trade volume between the two nations to over $443 million, as reported by the General Department of Customs and Excise (GDCE).
The report stated that from January to November 2023, the country’s exports to India were valued at $246.5 million, a 55.1% rise from $170.52 million during the same period last year. Imports from India fell by 21.8% to $178.73 million from $228.5 million year-on-year.
The combined value of trade between the two nations totalled $443.23 million for the interval, an 11.1% increase from 2022’s $399.01 million. Cambodia’s surplus expanded by $85.77 million.
India currently ranks as the kingdom’s 18th largest trading partner.
In November 2023 alone, trade between the two countries reached $41.32 million, a 5.75% increase from $40.01 million. Cambodia’s exports to India were $31.11 million, up by 38.1%, while imports from India dropped by 39.4% to $11.21 million.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), said on December 14 that the relationship between Cambodia and India dates back over 2,000 years, over which time trade has steadily continued.
He said enhancing diplomatic and trade ties with India is now a key focus for investors, given their status as a leading global economy and its position as the world’s most populous country.
He noted that the growth in Cambodia’s export value to India aligns with the increased production in Cambodia and the demands of the Indian market.
“Along with the rise in export value, Cambodia must also aim to diversify its production and processing to capture new markets. As production escalates, it will not only enhance exports but also reduce the import of some products already produced by the local market ,” he stated.
