Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia-Oz trade rises 52% in 2021

Cambodia-Oz trade rises 52% in 2021

Content image - Phnom Penh Post
Ministry of Commerce figures revealed that Cambodia’s total exports to Australia were worth $205.300 million in 2021, an increase of nearly 54 per cent from the year before, as imports from Australia totalled $119.192 million – an uptick of nearly 50 per cent compared to 2020. Heng Chivoan

Cambodia-Oz trade rises 52% in 2021

Australia has reaffirmed its commitment to furthering business dealings with Cambodia, as data from the commerce ministry revealed that bilateral trade volume between the two countries reached $324.492 million in 2021 – a 52 per cent surge year-on-year despite the ongoing Covid-19 crisis.

Ministry of Commerce figures revealed that Cambodia’s total exports to Australia were worth $205.300 million in 2021, an increase of nearly 54 per cent from the year before, as imports from Australia totalled $119.192 million – an uptick of nearly 50 per cent compared to 2020.

In a meeting between Minister of Commerce Pan Sorasak and Australian Department of Foreign Affairs and Trade deputy secretary for Southeast Asia Katrina Cooper on March 2, Australia reaffirmed that it would further expand trade volume through the Regional Comprehensive Economic Partnership (RCEP) – which entered into force on January 1 – as well as the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

Cooper praised the growth of bilateral trade, pledging to further boost trade and investment between the two countries, as Sorasak noted that trade had continued to grow despite the challenging circumstances of the Covid-19 crisis, with Cambodia-Australia diplomatic relations now in their 71st year.

Cambodia Chamber of Commerce (CCC) vice president Lim Heng told The Post that the two countries have a long history of good relations between both public and private actors, and that Australia is an ideal choice for a trading partner that can spur further economic growth.

Heng said he expects that the two countries may develop a bilateral free trade agreement in the future in addition to the RCEP. The commerce ministry is currently working with its Australian counterpart to facilitate mutual trade and investment, he said.

He noted that Australia had also discussed with the CCC and the Kingdom’s Supreme National Economic Council the feasibility of establishing an industrial park to attract Australian investors to the manufacturing, garments and agricultural sectors.

He commented that the Australian government has also supported research on the potential of Cambodian agricultural products to boost exports in the sector, through initiatives such as the Cambodia-Australia Agriculture Value Chain Programme (CAVAC).

The CAVAC programme lists nine items of Cambodian agricultural products as being of high value and demand in the Australian, New Zealand, European, Chinese and ASEAN markets.

These are mango, longan, cashew nut, chilli, sweet potato, avocado, sesame, palm sugar and dried banana.

MOST VIEWED

  • ‘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

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • 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 “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • 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