Thailand
Cambodia’s surplus narrows in trade with Japan last year
The surplus for Cambodia in the bilateral trade with Japan has decreased about 12 percent to nearly $400 million in 2022 compared to $453 million in the previous year as the exports from the former to the latter increased slower than the imports from the latter to the former even though the total trade volume rose 12.30 percent, according to latest statistics.
Cambodia’s exports to Japan have increased 7.32 percent to $1.173 billion in 2022 from $1.093 billion in 2021, but the imports from Japan to Cambodia have surged 20.94 percent to $774 million from $640 million, while the total trade volume between the two countries has gone up 12.3 percent to about $1.95 billion from $1.73 billion, according to the report.
The Cambodia-Japan Trade Statistics show that Japan became the sixth largest trading partner of Cambodia in 2022, while Cambodia can get low tariffs on exports to Japan under free trade agreements such as the Regional Comprehensive Economic Partnership, ASEAN-Japan Comprehensive Economic Partnership and multilateral free trade agreement through TWO.
Lim Heng, Vice President of Cambodia Chamber of Commerce (CCC), said during the election of Ros Reasey as the chief of CCC’s Office Representative in Sendai city of Japan on Friday last week that CCC is ready to support the private sector body’s new overseas office to build a connection between Cambodian and Japanese businesspeople for trade and investment.
“There are still many things for us to do and so we need to work together… to gain benefits from the private sectors of both countries … I believe that the representative office … would really contribute to the trade and investment promotion between the two countries,” said Heng, who also led Cambodia trade delegation to visit YAOKO, Nagase and
Kokubo.
YAOKO produces organic vegetables to supply to its supermarkets, while Nagase manufactures, processes, imports, exports and sells chemicals, plastics, electronics materials, cosmetics and health foods and Kokubo produces and sells housewares. Reasey is the Chairman of Shin Fuji Soji, according to a release by CCC.
The statistics further show “Cambodia exported mostly articles of apparel and clothing accessories, articles of apparel of clothing accessories, knitted or crocheted, electrical machinery and equipment, footwear, gaiter and the like and articles of leather, saddlery and harness, travel goods, handbags
and similar containers [and] articles of animal gut.”
The statistics issued by the General Department of Customs and Excise (GDCE) of the Ministry of Economy and Finance (MEF) but released on Wednesday by the Ministry of Commerce (MoC) also indicated that Cambodia imported mostly vehicles other than railway or tramway rolling stock, machinery and mechanical appliances, electrical machinery and equipment, plastics and articles thereof and articles of iron or steel.
The Cambodia-Japan Trade Statistics also pointed out further based on the figures disclosed in the Financial Stability Review 2021 of National Bank of Cambodia that Japan was the fourth largest investor in Cambodia with $206 million out of approximately $3.5 billion of direct foreign investment (FDI) in 2021.
Source: https://www.khmertimeskh.com/501248458/cambodias-surplus-narrows-in-trade-with-japan-last-year/