Workers inspect and fold new garments at a factory near Phnom Penh. Post Staff
Diplomatic cooperation and bilateral trade between Cambodia and Germany are expected to see further advances, following an October 31 meeting between a German delegation and senior officials from the Council for the Development of Cambodia (CDC).
In the first nine months of the year, trade between the two countries was over $780 million.
The German delegation was led by Bärbel Kofler, state secretary for Germany’s economic development ministry and a parliamentarian. They met with the Cambodian side, led by Chhieng Yanara, second vice-chairman of the CDC, at the CDC headquarters in Phnom Penh.
Also in attendance was German ambassador to Cambodia Stefan Anton Masserer.
According to a CDC press release, the main objective of the meeting was to discuss progress in Cambodia-Germany development cooperation, particularly regarding future collaboration.
Topics included Cambodia’s economic outlook, government policy directions, governance and human rights, partnerships with NGOs and civil society, as well as exchanges of insights and experiences to strengthen future partnerships.
Yanara welcomed Kofler and expressed his appreciation for Germany’s continued support and commitment to Cambodia as a key development partner. He highlighted that bilateral cooperation achievements contributed significantly to mitigating the socio-economic impacts of the Covid-19 pandemic and boosting Cambodia’s economic growth.
Data from Cambodia’s General Department of Customs and Excise (GDCE) revealed that from January to September 2024, Cambodia-Germany trade totalled $784.54 million, a 0.8% increase compared to the same period in 2023. Exports to Germany amounted to $671.79 million, an 8.4% increase, while imports totalled $112.75 million, a decrease of 29.1%.
The trade surplus in Cambodia’s favour stood at $559.03 million, up from $460 million in the same period in 2023. Germany is Cambodia’s tenth-largest trading partner.
According to Hong Vanak, an economist at the Royal Academy of Cambodia, Germany, a leading developed economy in Europe, is a major market for Cambodia’s textile products.
He told The Post on November 1 that the increase in Cambodia’s export revenue is due to the diversity, quality and competitive pricing of Cambodian goods.
Vanak explained that German imports remain low because many German goods are high-value items, which are often beyond the purchasing power of the Cambodian market.
“Germany holds a strong political and economic position in Europe, so strengthening this cooperation will bring numerous benefits to Cambodia,” he said.
Cambodia’s main exports to Germany include garments, footwear, travel goods, bicycles and agricultural products, while German imports are largely vehicles, healthcare supplies, electrical equipment, electronics and construction materials.
“Germany is a developed nation and part of the EU, so if Cambodia continues to diversify its product range and ensure high-quality standards, I believe our export revenue to Germany will further increase. With stronger diplomatic relations, trade flows will grow,” added Vanak.
In 2023, Cambodia-Germany trade totalled $1.011 billion, a decrease of 18.9% compared to 2022. Cambodian exports to Germany amounted to $815.52 million, down 24.7%, while German imports to Cambodia reached $195.95 million, up 20%, according to the GDCE.
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Publish date : 2024-11-01 03:23:00
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