Cambodia’s exports to EU surge 25% YoY to $4.045 bn in 2022

Cambodia’s exports to the European Union (EU) last year were worth $4.045 billion—a more than 25 per cent hike from the $3.229 billion registered in 2021, according to the ministry of commerce. Cambodia-EU trade was worth $4.857 billion last year, rising by 15.9 per cent from $4.190 billion in 2021.

The country’s imports from the bloc were worth $812 million, dropping by nearly 16 per cent year on year (YoY) from $961 million.

Cambodia’s exports to the EU last year were worth $4.045 billion—a more than 25 per cent hike from the $3.229 billion in 2021, the commerce ministry said. Cambodia-EU trade was worth $4.857 billion last year, rising by 15.9 per cent from $4.190 billion in 2021. Its imports from the bloc were worth $812 million, dropping by nearly 16 per cent year on year.

The country’s trade surplus with the EU expanded just under three-sevenths to $3.23 billion last year, from $2.27 billion in 2021.

Germany was Cambodia’s largest EU trading partner last year, accounting for $1.247 billion—up by 19.28 per cent YoY, followed by Belgium ($731.612 million; up by 32.29 per cent), the Netherlands ($596.712 million; up by 26.95 per cent), France ($542.369 million; up by 25.92 per cent) and Spain ($503.778 million; up by 38.66 per cent), according to the country’s general department of customs and excise (GDCE).

Germany was also the biggest EU buyer of Cambodian goods, at $1.084 billion, marking a 23.03 per cent increase, followed by Belgium ($642.014 million; up by 26.34 per cent), the Netherlands ($552.626 million; up by 25.21 per cent), Spain ($474.764 million; up by 39.05 per cent) and France ($423.131 million; up by 27.89 per cent), GDCE figures show.

Germany, Belgium, the Netherlands, France and Spain contributed nearly 74.6 per cent to total Cambodia-EU trade and over 78.5 per cent to the country’s exports to the bloc, according to a report in a Cambodian newspaper

Even with the EU’s partial withdrawal of the tariff preferences granted to Cambodia under the Everything But Arms (EBA) scheme, exports of garments, footwear, bags, bicycles and other items remain in positive growth territory, Hong Vanak, director of international economics at the Royal Academy of Cambodia said.

Fibre2Fashion News Desk (DS)