Indonesia advanced from Cambodia’s 12th to 6th largest trading partner in 2023, with trade volume between the two countries reaching nearly $1.1 billion, marking an increase of almost 15% compared to 2022, as reported by the General Department of Customs and Excise (GDCE).
Bilateral trade between the two nations stood at $1.09 billion for 2023, rising 14.6% compared to $948.53 million year-on-year, representing 2.32% of Cambodia’s total international trade, which totalled $46.83 billion.
Exports to Indonesia amounted to $92.74 million, surging by 151.7%, while imports of Indonesian goods stood at $994.6 million, an increase of 9.1%.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on February 6 that as members of ASEAN and the Regional Comprehensive Economic Partnership (RCEP), trade between the two countries is expected to grow, particularly with the improvement in global economic conditions.
He noted, however, that the country’s significant trade deficit necessitates greater efforts from the government and private sector to produce goods that meet Indonesian demand.
“The increase in trade volume signifies enhanced diplomatic and trade relations between the two nations, but Cambodia needs to exert more effort to bridge the export value gap. Given Indonesia’s large population, it would be beneficial if our goods could penetrate their market more effectively,” he said.
Vanak anticipates that, through the efforts of the public-private sector, the country’s exports to Indonesia will continue to increase in 2024.
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Reporter: Hin Pisei
Source: The Phnom Penh Post
February 13, 2024
