Logo of Phnom Penh Post newspaper Phnom Penh Post - Slight dip in Japan trade, hopes high for brighter 2021

Slight dip in Japan trade, hopes high for brighter 2021

Content image - Phnom Penh Post
Cambodian exports to Japan stood at $1.3582 billion, down 6.8 per cent year-on-year, while imports ended at $390.26 million, down 12.3 per cent year-on-year. AFP

Slight dip in Japan trade, hopes high for brighter 2021

Bilateral trade between Cambodia and Japan for the first 10 months of last year was worth $1.7484 billion, down 8.06 per cent from the $1.9018 billion posted in the same period of 2019, according to the Japan External Trade Organisation (Jetro).

Local businesses and researchers have attributed the decline to the ongoing Sino-US trade war and the spread of the Covid-19 disease.

Cambodian exports for the period stood at $1.3582 billion, down 6.8 per cent year-on-year, while imports ended at $390.26 million, down 12.3 per cent year-on-year, Jetro data show.

In October alone, the Kingdom’s exports were valued at $147.53 million, down 16 per cent year-on-year, while imports clocked in at $59.92 million, up 9.3 per cent year-on-year.

Hong Vanak, director of International Economics, Royal Academy of Cambodia, told The Post on January 4 that coupled with Covid-19, the Sino-US trade row had stymied a number of the Kingdom’s exports.

While international trade figures trickled down across the globe, he said most countries logged a steady increase in production that aims to meet the needs of their populations, especially when it comes to agricultural products.

“These results are shared across almost every country in the world – no one wants to spend money, so the import and export of products has also fallen accordingly,” Vanak said.

Cambodia Chamber of Commerce vice-president Lim Heng said Covid-19 has slowed the economy to a crawl and decelerated international trade activity in all countries.

But with more countries announcing the launch of Covid-19 vaccine campaigns, he said global trade activity is expected to recover this year.

“Trade with Japan will in all likelihood pick up once direct flights between the two countries resumes – they were cancelled to prevent the spread of Covid-19. Japan will remain a potential market for Cambodian products,” Heng said.

He listed notable Cambodian exports to Japan as garments and simple-assembly electric and electronic components.

The National Bank of Cambodia (NBC) on December 31 forecast that the Kingdom’s economic growth will return to four per cent growth this year if Covid-19 vaccines can successfully curtail the spread in the first half.

Accelerating the diversification of the economic base and the implementation of industrial development strategies will help Cambodia’s economy recover faster from the pandemic, it said in its Macroeconomic and Banking Progress 2020 Report and 2021 Outlook.

MOST VIEWED

  • Restrictions re-imposed in capital as Covid cases surge

    Amid the ongoing community outbreak of Covid-19, which has shown no sign of subsiding with 750 infections and 10 deaths reported on June 2 alone, the Phnom Penh Municipal Administration has decided to re-impose the suspension of all occupations and business activities deemed as posing high risk of

  • Phnom Penh-Sihanoukville expressway 51% complete

    The construction of the nearly $2 billion Phnom Penh-Sihanoukville Expressway is 51.35 per cent complete and is expected to be finished in 2023, according to Ministry of Public Works and Transport secretary of state Vasim Sorya. Invested in by Cambodian PPSHV Expressway Co Ltd, the first expressway in

  • First 7-Eleven store to open mid-June, ambassador says

    Thai retail conglomerate CP All Pcl will open Cambodia’s first 7-Eleven convenience store in mid-June, Cambodian ambassador to Thailand Ouk Sorphorn told The Post on June 1. The Bangkok-listed 7-Eleven franchise operator, the retail arm of Charoen Pokphand Group Co Ltd, granted CP All (Cambodia)

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • US embassy guard gets Covid despite two doses of Pfizer jab

    The Covid-19 tracking commission on June 4 said a security guard at the US embassy in Phnom Penh had contracted the novel coronavirus, despite having received a second dose of the Pfizer-BioNTech shot two weeks ago. Embassy spokesperson Chad Roedemeier confirmed the SARS-CoV-2 infection to The

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy