Cambodia-China trade rises 7% to $9.62 billion

The trade volume between Cambodia and China registered a 7.1 percent year-on-year growth to $9.62 billion in the ten months of this year, according to the General Department of Customs and Excise.

China remained the largest trading partner for Cambodia, the report pointed out.

Trade with China accounted for 21.6 percent of the Kingdom’s total trade of $44.56 billion in January-October.

Cambodia’s main products shipped to China were milled rice, bananas, mangos, cassava, fishery and apparel. The Kingdom imported mostly garment raw materials, machinery, vehicles, foodstuffs, electronics and medicines, among others.

Penn Sovicheat, under-secretary of state and spokesperson of the Ministry of Commerce, attributed the significant growth in Cambodia-China bilateral trade to the implementation of the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement, both of which entered into force earlier this year.

“The two free trade agreements have given a big boost to the trade relations between the two countries and will continue to enhance trade and investment further in the years to come,” he told Khmer Times.

Last week, leaders of the two countries pledged further cooperation in economy and trade during the official visit of Chinese Prime Minister Li Keqiang to Cambodia.

The two sides agreed to fully use the mechanisms of the two governments’ economic and trade cooperation committees.

They also agreed to give more focus on the China-Cambodia free trade agreement, the Regional Comprehensive Economic Partnership and e-commerce cooperation mechanisms in promoting trade.

They also encouraged more quality goods from Cambodia to enter the Chinese market through platforms such as the China International Import Expo, China Import and Export Fair and the China-ASEAN Expo.