Cambodia-Vietnam Trade Relations Continue to Flourish in 2024
Trade between Cambodia and Vietnam sees strong growth, with exports to Vietnam surging by over 31%.
In the first ten months of 2024, total trade between Cambodia and Vietnam reached over $6.4 billion, marking a 20% increase from the previous year. Cambodia’s exports to Vietnam saw a notable rise of more than 31%, reaching $2.97 billion. This growth highlights the strengthening trade relations between the two neighboring countries, with Vietnam emerging as Cambodia's third-largest trade partner after China and the United States.
Vietnam’s imports from Cambodia amounted to $3.45 billion, a 14.4% rise compared to the same period in 2023, contributing to a total trade volume of $6.42 billion. Despite the increase in trade, Cambodia’s trade balance with Vietnam shifted from a surplus in 2023 to a deficit of $483.75 million. Economists such as Hong Vanak, from the Royal Academy of Cambodia, suggest that this trade imbalance is typical and not a cause for concern, as certain countries tend to export more than they import. He further emphasized that Cambodia needs to enhance both the quality and volume of its exports to meet international standards.
The continued growth in trade is supported by strong diplomatic relations and Cambodia's strategic location, facilitating cross-border trade. Major exports from Cambodia to Vietnam include agricultural products such as rice, rubber, and mangoes, while imports from Vietnam include construction materials, machinery, and fuel. In addition to trade, tourism between the two countries has also grown steadily.
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Vietnam’s imports from Cambodia amounted to $3.45 billion, a 14.4% rise compared to the same period in 2023, contributing to a total trade volume of $6.42 billion. Despite the increase in trade, Cambodia’s trade balance with Vietnam shifted from a surplus in 2023 to a deficit of $483.75 million. Economists such as Hong Vanak, from the Royal Academy of Cambodia, suggest that this trade imbalance is typical and not a cause for concern, as certain countries tend to export more than they import. He further emphasized that Cambodia needs to enhance both the quality and volume of its exports to meet international standards.
The continued growth in trade is supported by strong diplomatic relations and Cambodia's strategic location, facilitating cross-border trade. Major exports from Cambodia to Vietnam include agricultural products such as rice, rubber, and mangoes, while imports from Vietnam include construction materials, machinery, and fuel. In addition to trade, tourism between the two countries has also grown steadily.
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