Thailand
Cambodia exported $900M bicycles in 2022
Cambodia earned $900 million from the export of bicycles in 2022, which is an increase of 43 percent over the $631 million reported for 2021, according to a report by the Ministry of Commerce.
Target markets for Cambodia’s bicycle export include the United States, Germany, the United Kingdom, Japan, China, ASEAN, Belgium, the Netherlands, Austria, Sweden, Denmark, Australia, the Czech Republic, Italy, Colombia, the Republic of Korea, Spain, Slovenia and Canada.
Cambodia is one of the five largest exporters of bicycles in the world after China, the Netherlands and Germany.
At $6 billion, China (including Taiwan) accounted for 51 percent of the global market share, the Netherlands nearly 8 percent ($970 million), and Germany 6 percent ($770 million). The global bicycle market size in 2021 was about $12.6 billion.
Hong Vannak, an economic researcher at the Royal Academy of Cambodia, told Khmer Times, “The growth in bicycle export during this period was due
to demand, cost, quality, as well as good relations between supply partners for branded goods from all walks of life.”
Despite the Covid-19 crisis from 2020 to 2022, bicycle export has maintained strong growth. “Given the momentum of bicycle shipment to international markets, we expect further export growth if we maintain acceptable prices and quality,” Vannak said.
Seang Thai, Secretary of State and spokesman for the Ministry of Commerce, said “the reasons for the growth of Cambodia’s bicycle export are the improvement in the Covid-19 situation, the increasing demand for exercise bikes, efforts to attract customers and promotion by ministries and institutions.”
“In addition to reopening as the pandemic slowed down, many countries have been investing in the cycling infrastructure. The governments in Europe are closing roads to motor cars, and installing cycling lanes to encourage cycling.”
The “green movement” aimed at protecting the environment is playing a role in encouraging people to use bicycles, which is one of the environmentally-friendly ways of travelling.
Source: https://www.khmertimeskh.com/501229750/cambodia-exported-900m-bicycles-in-2022/