The jump in exports to India is also one of the fastest growths on a list of the top 20 export destinations of the Kingdom, revealed the latest trade data of the General Department of Customs and Excise (GDCE).
For comparison, the exports to China went up by 16.2 percent, to Vietnam by 20.6 percent and to the US, they declined by 9.1 percent during the same period. The US, however, continued to have the biggest export share of 38.3 percent of Cambodia’s goods, followed by Vietnam and China, with 11.8 percent and six percent respectively.
India accounted for one percent of Cambodia’s total exports, the GDCE data showed.
Cambodia’s imports from India, however, declined by 18.1 percent and reached $127.56 million during the January to July period of 2023, compared to the same period last year, giving the Kingdom a surplus of $13.36 million in bilateral trade for the period.
Pan Sorasak, former Minister of Commerce, told a gathering at the 77th Independence Day celebration of India in Phnom Penh recently that he was pleased with the steady increase in the two-way trade between both countries which amounted to $440 million in 2022.
Sorasak observed that the rapid rise in exports to India was facilitated by the Duty-Free Tariff Preference (DFTP) Scheme it launched for Cambodia in 2018. The former minister further said he was looking forward to the early conclusion of the Cambodia-India Bilateral Investment Treaty and the Bilateral Free Trade Agreement to further promote the economic development of both countries.
