Cambodia and Japan’s bilateral trade rose by 13 percent last year to $2,292 million, according to a recent report from the Japan External Trade Organisation (JETRO).
The increase highlights the fact that Japan is amongst the top five importing countries from the Kingdom.
Between January to December 2019, Cambodia exported goods to Japan worth $1,730 million, a year-on-year increase of 7.7 percent, the report stated.
Meanwhile, Cambodia imports from Japan rose by 33.4 percent, increasing to $562 million. With a report from National Bank of Cambodia showing that the country’s total exports in 2019 totalled $14.53 billion in 2019, a 12.7 percent year-on-year increase, this represents a significant portion of export volumes.
Total imports into Cambodia were valued at $22.19 billion last year, marking an 18.6 percent on the previous year.
Japan represents the second biggest market for exports by country for Cambodia, with the US in first position. At the same time, Japan had the fourth highest import volumes into the Kingdom in 2019.
Commenting, Lim Heng, vice-president of the Cambodia Chamber of Commerce, said that the bilateral figures highlight the positive demand for Cambodia’s products abroad.
“Further Japanese investments into the country has piqued the interest of other nations who are now looking into the possibility of Cambodia producing goods to service their own heavy industry sector,” Heng said.
In 2013, Cambodia and Japan inked a strategic partnership agreement to boost the countries’ trade investment and security. Since then, the trade volume in the Kingdom to Japan increased to more than $2,000 million.
Currently, there are 137 Japanese investment projects in Cambodia valued cumulatively at $2,500 million. These are mainly involved in the manufacturing of electronic and electricity components, auto spare parts, agro-industry products and food-processing materials, hotels, tourism, hospitals and malls.
In 2018, the two-way trade of the two nations was valued at $2,028 million, a 25 percent increase on the year before.