Logo of Phnom Penh Post newspaper Phnom Penh Post - Bilateral trade with Britain reaches $813M

Bilateral trade with Britain reaches $813M

Content image - Phnom Penh Post
A view of a container storage yard at a port terminal in Kandal province. Heng Chivoan

Bilateral trade with Britain reaches $813M

Bilateral trade volume between Cambodia and the UK reached $813.22 million in the first 11 months of this year, falling 17.61 per cent from the $987.09 million logged in the same period last year, according to the Ministry of Commerce.

Cambodia’s exports were worth $766.77 million, down 16.02 per cent from the $913.01 million posted in the first 11 months of last year, the ministry said, citing data from the General Department of Customs and Excise of Cambodia.

Cambodia’s imports were valued at $46.45 million for the period, tumbling 37.30 per cent year-on-year from $74.08 million.

Most of Cambodia’s exports to the UK comprised clothing, footwear, bicycles, milled rice and agricultural products, while its imports mainly consisted of cars and machinery, the ministry said.

Cambodia Chamber of Commerce (CCC) vice-president Lim Heng told The Post on December 21 that the spread of Covid-19 had led to a decline in international trade in almost all sectors, with food and agriculture as notable exceptions.

This led to an inevitable reduction in shipments bound for the UK from Cambodia, which exports a great deal of products to the European country, he said, stressing the small scale of the decline.

“A slight decrease in trade volume now is not uncommon, due to trade in every country in the world being like this.

“The only countries that did not experience a [significant] impact on international trade during this period were exporters of food and agricultural products,” Heng said.

British ambassador to Cambodia Tina Redshaw last week said the UK would implement a trade policy independent of the EU’s from January 1 and would not continue the partial suspension of the bloc’s preferential system from Cambodia within the framework of its Everything But Arms (EBA) scheme.

Redshaw made the comment during a meeting with Minister of Foreign Affairs and International Cooperation Prak Sokhonn.

The CCC’s Heng said exports from Cambodia to the UK will increase significantly from next year.

“This is a good sign for the Cambodian export market, because through the UK, some of the products that we used to export to the EU market can be diverted to the UK first before being redistributed to the EU market,” he said.

Commerce ministry spokesman Seang Thay told The Post that the main reasons for the dip in bilateral trade were Covid-19-induced complications in exports, imports and transport, and a contraction in the global economy.

“Economic slumps the world over have stymied demand for goods, which has influenced our exports,” he said.

Thay said reinstatement of preferences to Cambodia would significantly boost trade and encourage all-round cooperation between the two countries.

“Calculations show that Cambodia stands to benefit from $30 million a year in tax exemptions”, he said.

After reaching a free trade agreement (FTA) with China, Cambodia is currently negotiating similar deals with the UK, South Korea, the US, Japan, Mongolia, India and the Eurasian Economic Union (EAEU) bloc composed of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.


  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement