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Vietnam, Cambodia look forward to US$20 billion trade

HANOI: Trade has been a bright spot in the Vietnam-Cambodia relationship, experiencing impressive growth over the past decade and expected to reach US$20 billion, reported the Vietnam News Agency (VNA). Cambodia serves as a source of many raw materials for Vietnamese industry, particularly rubber. It is also a major consumer of Vietnamese products like iron and steel, construction materials, processed food and consumer goods. Data from the Ministry of Industry and Trade's Asia-Africa Market Department revealed a solid upward trend. Two-way trade grew by an average of 18.5% annually between 2010 and 2015, and 17% per year between 2016 and 2020, reaching $5.31 billion in 2020 from $2.92 billion in 2016. The year 2022 saw a significant jump of 11% to $10.57 billion in trade value. The positive momentum has carried into 2024, with the first five months recording a trade value of $4.6 billion, reflecting a 13.4% increase. Vietnam's exports to Cambodia during the first half of 2024 were estimated at $2.5 billio n, mainly consisting of iron and steel, apparel, and petrol and oil. However, this represented a 1.1% decrease compared to the same period last year. Meanwhile, Vietnam's imports from Cambodia during the period surged by 38.4% to an estimated $2.9 billion, driven by cashew nuts, rubber, fruits and vegetables. Source: Emirates News Agency

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