Thailand
Exports to Thailand, Vietnam up as traditional markets shrink
Cambodia’s exports to neighbouring Thailand and Vietnam surged in January this year compared to the same period last year in sharp contrast to the country’s exports to traditionally strong markets such as China and the US declining during the period.
According to the data of the General Department of Customs and Excise (GDCE), the exports to Thailand spiked by 22.8 percent to $107 million and to Vietnam by 10.7 percent to $172 million in January 2023 compared to January 2022. The exports to China declined by 22.2 percent to reach $81 million and by 23 percent to the US earning $562 over the same period.
Despite the decline in exports, the US remained the biggest market for Cambodian goods with a share of 35.9 percent in January. China’s share declined to 5.2 percent from 5.7 during the same period.
Vietnam was the second biggest export market of Cambodia in January this year with a share of 11 percent and Thailand was the third with a share of 6.9 percent. Japan came fourth and China stood at fifth.
The Kingdom’s exports to Japan also showed a growth of 6.8 percent and reached $104 million in January 2023 from $98 million in January 2022.
Another market that proved to be good for Cambodia this January was Australia where the country dispatched goods worth $32 million as against $30 million in January 2022, showing a growth of 7.1 percent over the period.
The exports to India grew by 101.7 percent to reach $22 million and Taiwan by 34.1 percent to move to $9 million.
In fact, Cambodia’s overall foreign trade (exports and imports together) declined by 29 percent in January 2023 compared to the same period in 2022 and recorded $3.4 billion, according to the GDCE data.
While Cambodia’s exports netted $1.5 billion during the period, a decrease of 14 percent, the imports decreased by 37.5 percent to reach $1.9 billion.
Meanwhile, Thailand is planning to organise a series of activities to stimulate exports this year and Cambodia is one of the target markets, in addition to Laos, Myanmar and Vietnam. The country also wants to expand its markets in the Middle East, South Asia and China as well.
According to Thailand’s International Trade Promotion Department under the Ministry of Commerce, the export promotion activities comprise trade missions, participation in international trade fairs, business matching as well as in-store promotions at leading department stores and in e-commerce.
Specialised units were set up by the ministry last year to spur exports, tackle obstacles to trade and curb the negative impact of a global economic slowdown in 2023, according to media reports. The ministry will also organise international trade fairs in Thailand.
The Commerce Ministry’s target is to increase Thailand’s exports by 1- 2 percent this year to $290-293 billion, up from $287 billion last year.
Cambodia’s main exports to Thailand include textiles, agricultural products, gems, raw materials and semi-finished products, while the imports include fish, meat, vegetables, automobiles, organic fertilisers, foodstuffs, and construction materials.
Rubber and agricultural products constitute the biggest export items of Cambodia to Vietnam.
Source: https://www.khmertimeskh.com/501241502/exports-to-thailand-vietnam-up-as-traditional-markets-shrink/