PHNOM PENH– Trade between Cambodia and Thailand increased by about 10 percent in the first half of the year to $2.9 billion, up from $2.6 billion in the same period last year, according to figures released by the Thai embassy.
Soeng Sophary, spokesperson at Cambodia Ministry of Commerce, said that the year-on-year growth of trade between Cambodia and Thailand was a positive sign and would meet the bilateral trade target of $15 billion by 2020.
Commenting on the fall in Cambodia’s exports to Thailand, Sophary said it was due to local companies in the country processing agricultural products, instead of exporting them over the border.
Thai investments are supporting these local agro-processing companies, she added.
According to Thai embassy figures, in the first quarter of the year Cambodia’s exports to Thailand were valued at $453 million � a 20 percent fall compared with the same period last year.
On the other hand, Cambodia’s imports from Thailand in the same period rose by 18 percent to $2.4 million.
While we import a lot from Thailand, it is not a big export market for Cambodia � like the EU or US, said Sophary.
Vannaporn Ketudat, deputy director-general of Thailand’s Ministry of Commerce’s international trade promotion department, told Khmer Times in July that trade between Cambodia and Thailand was on an upward trend.
Good relations between the two governments coupled with a good business environment and Cambodia’s high economic growth are among the factors for increasing two-way trade between Cambodia and Thailand, said Ms Vannaporn.
Last year, the bilateral trade volume between Cambodia and Thailand was valued at $5.6 billion, a $100 million rise compared with 2015, according to figures provided by the Thai embassy in Cambodia. Thailand’s exports to Cambodia last year were worth $4.7 billion while Cambodia’s exports to Thailand were valued at $937 million.
Source: NAM NEWS NETWORK