Cambodia: Trade Profile
Cambodia is very open to international trade, which represents nearly 132% of GDP (World Bank, latest data available). The country has been a member of ASEAN since 1999 and of the WTO since 2004, and it has committed to removing all tariff barriers on imports from ASEAN members. Cambodia began to reform its legal and regulatory systems (intellectual property rights, health rules, non-tariff barriers to trade, etc.), however, in practice, many obstacles remain, including governance issues and a lack of transparency. Cambodia also suffers from logistical and infrastructural constraints. The country mainly exports garments and footwear; while imports are led gold, refined petroleum, and clothing (data Comtrade).
In 2022, the main export partners were the United States (43.6%), China (6.0%), Japan (5.7%), Canada (5.4%), Germany (5.3%), and the United Kingdom (4.3%); with imports coming chiefly from China (34.9%), Vietnam (13.2%), Thailand (12.8%), Singapore (10.8%), Switzerland (4.8%), and Indonesia (3.0%).
Cambodia has a structural trade deficit concerning goods. In 2022, total exports of merchandise amounted to USD 22.4 billion (+16.4% y-o-y), with imports growing at a slower pace, to reach USD 29.8 billion (+4.2%). Cambodia is usually a net exporter of services (mainly thanks to the tourism sector), but the trend reversed in recent years: in 2022, services exports reached USD 2.3 billion against USD 2.7 billion in imports (data WTO). When computing both goods and services, the country’s trade deficit stood at 13.5% of GDP in 2022 (up from 4.4% one year earlier - data World Bank). According to the General Department of Customs and Excise (GDCE), Cambodia's international trade stood at USD 46.82 billion in 2023, registering a decrease of 1.9% compared to 2022. While exports saw a marginal increase of 1.8%, imports declined by 5%. In 2023, Cambodia's total exports amounted to USD 22.64 billion, while imports reached USD 24.18 billion, resulting in a trade deficit of USD 1.53 billion for the country. China retained its position as Cambodia's largest trading partner, with bilateral trade valued at USD 12.26 billion. The United States remained the primary export destination, accounting for 39.3% of total exports, worth USD 8.89 billion. Exports to the U.S. experienced a slight decrease of 0.8%, whereas imports plummeted by 17.7%. Meanwhile, Cambodia's exports to China surged by 19.2% to USD 11.47 billion, with imports rising by 3.3% to USD 10.78 billion. Consequently, Cambodia faced a trade deficit of USD 9.31 billion with China while recording a surplus of USD 8.64 billion with the U.S.. In the same year, while many of Cambodia's exports saw growth, the garments, footwear, and travel goods sector faced persistent challenges, beginning in the latter part of 2022. Exports of knitted apparel and clothing accessories dropped by 14%, from USD 6.36 billion in 2022 to USD 5.47 billion in 2023. Similarly, non-knitted varieties decreased by 10.4%, from USD 2.66 billion to USD 2.39 billion. Overall, GFT exports fell by 13.3% compared to 2022. Industry analysts attribute this decline to reduced orders from U.S. and European markets, leading to lower imports of raw materials and finished consumer goods.
| Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 20,279 | 19,114 | 28,583 | 29,805 | 24,386 |
| Exports of Goods (million USD) | 14,825 | 17,716 | 19,307 | 22,472 | 23,470 |
| Imports of Services (million USD) | 3,274 | 2,025 | 2,090 | 2,754 | 3,124 |
| Exports of Services (million USD) | 6,086 | 1,767 | 657 | 2,318 | 5,128 |
| Imports of Goods and Services (Annual % Change) | 10 | -8 | 2 | 19 | -2 |
| Exports of Goods and Services (Annual % Change) | 12 | -12 | 6 | 21 | -0 |
| Trade Balance (million USD) | -7,255 | -2,011 | -11,205 | -8,826 | -2,986 |
| Foreign Trade (in % of GDP) | 116 | 122 | 146 | 146 | 134 |
| Imports of Goods and Services (in % of GDP) | 60 | 62 | 74 | 74 | 67 |
| Exports of Goods and Services (in % of GDP) | 55 | 60 | 72 | 72 | 67 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
| Main Customers (% of Exports) |
2022 |
|---|---|
| United States | 43.6% |
| China | 6.0% |
| Japan | 5.7% |
| Canada | 5.4% |
| Germany | 5.3% |
| See More Countries | 34.0% |
| Main Suppliers (% of Imports) |
2022 |
|---|---|
| China | 34.9% |
| Vietnam | 13.2% |
| Thailand | 12.8% |
| Singapore | 10.8% |
| Switzerland | 4.8% |
| See More Countries | 23.5% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
| 2.3 bn USD of services exported in 2022 | |
|---|---|
| 61.05% | |
| Personal travelPersonal travel | 38.32% |
| OtherOther | 23.58% |
| Business travelBusiness travel | 22.73% |
| 15.37% | |
| 7.06% | |
| 5.15% | |
| 4.80% | |
| 3.09% | |
| 1.70% | |
| 0.76% | |
| 0.51% | |
| 0.50% | |
| 2.8 bn USD of services imported in 2022 | |
|---|---|
| 55.78% | |
| 17.51% | |
| Personal travelPersonal travel | 15.93% |
| OtherOther | 26.72% |
| Business travelBusiness travel | 1.58% |
| 8.52% | |
| 7.10% | |
| 4.49% | |
| 3.22% | |
| 1.37% | |
| 0.85% | |
| 0.71% | |
| 0.45% | |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: May 2024
