Vietnam Emerges as Cambodia's Largest Trading Partner within ASEAN
Vietnam has become the leading trading partner of Cambodia among ASEAN member countries, with bilateral trade comprising almost 50% of the total trade between Cambodia and ASEAN nations in the first five months of 2023. During this period, trade between the two countries exceeded $2.8 billion, marking a nearly 3% increase compared to the previous year. The Cambodian Ministry of Commerce, as reported by sbm.news, stated that Cambodia exported goods worth approximately $1.3 billion to Vietnam and imported commodities totaling over $1.5 billion.
Vietnam’s significant trade growth positions it as the largest trading partner for Cambodia within ASEAN and the third-largest overall, following China and the United States. The surge in Cambodia’s exports to Vietnam can be attributed to increased harvests, particularly in the agricultural sector. Key export items include rice, rubber, cashew nuts, cassava, corn, bananas, mangoes, tobacco, and natural resources. On the other hand, Cambodia primarily imports construction materials, machinery, fuels, electrical and electronic devices, fertilizers, seasonings, vegetables, and fruits from Vietnam, according to the Cambodian newswire.
Over the years, trade turnover between Vietnam and Cambodia has consistently risen, with an average annual growth rate of 18.5% from 2010 to 2015 and over 21% from 2015 to 2020. Despite the challenges posed by the COVID-19 pandemic, Vietnam remained one of Cambodia’s top three trading partners, with bilateral trade surging by over 79% in 2021 to reach $9.54 billion. In 2022, the figure further increased to $10.57 billion, representing a nearly 11% growth compared to the previous year, as reported by the Cambodian Ministry of Commerce.