Trade between the Kingdom and Canada soared by 35.6% to reach $583 million in the first half of 2022
Bilateral trade between Cambodia and Canada totaled $583.04 million in the first half (H1) of 2022, up 35.60% from the $429.97 million recorded in the corresponding period of last year, according to the General Department of Customs and Excise (GDCE).
During the January-June period, Cambodia exported $569.19 million worth of goods to Canada, up 38.6% year-on-year from $410.69 million , and imported $13.84 million, down 28.2% from $19.28 million. The Kingdom’s trade surplus with Canada for the period was $555 million, up 41.9% from $391 million.
Canada was the fourth largest buyer of Cambodian goods during the period, after the United States, Vietnam and mainland China, according to GDCE statistics.
Vice President of the Chamber of Commerce of Cambodia (CCC), Lim Heng, told The Post on July 18 that trade figures between the two countries, particularly the Kingdom’s exports to the major economic player, were down. constant increase.
The Kingdom’s main exports to Canada include textile-related items like clothing, footwear and travel goods; Bicycles; and agricultural products, he said, listing notable imports such as vehicles, electrical equipment and decorative materials.
Heng explained that the vast market for Cambodian products in Canada encouraged CCC to establish its first overseas representative office in the country, as a new avenue to attract Canadian investors to the Kingdom and a platform to showcase products made in Cambodia.
He noted that the CCC opened the office in Toronto at the end of May and may open another in Montreal in due course.
Hong Vanak, director of international economy at the Royal Academy of Cambodia, said the increased presence of Cambodian products in the Canadian market would be valuable to the Kingdom’s interests, citing Canada’s status as a developed country and the high incomes earned by its inhabitants.
Nonetheless, he called on Cambodia to strive to diversify its exports beyond traditional textile-related items, not only to Canada, but elsewhere. For the Canadian market, Vanak suggested agricultural products, which he said had grown significantly in the list of exportable items.
“Cambodia should do more to boost exports to this country, but we should not neglect to improve product quality either,” he said.
Bilateral trade between the two countries reached $994.72 million last year, up 23.3 percent from 2020, of which Cambodia exported $954.83 million, up by 27.1% year on year, and imported 39.89 million, down 28.2 percent. The Kingdom’s trade surplus with Canada for 2021 stood at $914.9 million, up 27% from $720 million.