Bilateral trade between Cambodia and Japan dropped year-on-year (YoY) between January and November in 2020 against 2019 results. Figures from the Japan External Trade Organization (JETRO) reported the total value of bilateral trade for the period at $1.918 billion, a drop of 8.7 percent.
Cambodian exports to Japan totalled $1.486 billion, down 14 percent YoY. Cambodia imports from Japan were valued at $432 million, a YoY decline of 7 percent.
Trade facilitation in Cambodia for Japanese businesses was discussed at a meeting held on Jan 13 between officials from the General Department of Customs and Excises of the Ministry of Economy and Finance, representatives of the Japanese Business Association of Cambodia and JETRO.
The participants agreed that they will continue to strengthen cooperation on facilitating trade and improving the business environment as well as address challenges in order to contribute to the development of a stronger Cambodian economy.
As part of the desire to boost bilateral trade with Japan, Cambodia has unveiled its plan to undertake a bilateral trade-pact negotiation. Japan is the second-largest market for Cambodian exports following the US.
Minister of Commerce Pan Sorasak said recently that Cambodia has listed potential trade partner countries to conduct talks with on establishing possible free trade agreements.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said Cambodia’s pandemic-hit trade is expected to show recovery in 2021 as countries begin to relax COVID-19 preventive measures.
“The availability of COVID-19 vaccines is a [sign towards a] move to [the] recovery [of] trade activities in 2021 [and as a result] Cambodia’s trade with other countries [is] expected to grow,” Heng said.