The total trade value between Singapore and Cambodia reached $917.45 million in 2023. It has increased by 7.1% compared to the previous year. Singapore currently stands as Cambodia’s ninth-largest trading partner. This reflects the significant economic ties between the two nations.
Cambodia brings:
- High-tech equipment
- Electrical appliances
- Electronic components
- Beverages
- Food
- Construction materials
- Pharmaceutical products
Singapore imports a wide range of products from Cambodia, including:
- Garments
- Bags
- Shoes
- Electrical components
- Agricultural and agro-industrial goods
We are excited to share the latest trade developments between our nation and the vibrant city-state of Singapore. As Cambodia’s leading real estate agency, we understand the importance of economic growth. Moreover, we also relate it to the impact on the real estate market. The close cooperation between Cambodia and Singapore can open doors for real estate investments and property purchases.
The news below explains the strengthening financial and business relationships between the two countries. It will also present potential opportunities for investors and homebuyers. Scroll down the blog to know more!
Trade Figures Between Singapore and Cambodia
In 2023, the total trade value between Cambodia and Singapore reached $917.45 million. This marks a 7.1% increase from the previous year. Singapore currently stands as Cambodia’s ninth-largest trading partner.
Imports from Singapore dominated the trade figures, accounting for 94% of the total value. Cambodia’s exports to the city-state also played a significant role. Exports to Singapore were valued at $51.23 million. These comprise:
- garments
- bags
- shoes
- electrical components
- agricultural and agro-industrial products
According to trade data from 2023, Cambodia’s top trading partners were led by the United States. It accounts for 42.6% of Cambodia’s total exports. Following the US, China emerged as the second-largest export destination for Cambodian goods. It captures 8.6% of the export market. Japan and Canada secured the third and fourth positions. Japan accounts for 6.2% of Cambodia’s exports, and Canada accounts for 5.4% of Cambodia’s exports.
On the import side, Cambodia’s major sources were China, Singapore, and Thailand. China topped the list, providing 33.7% of Cambodia’s total imports. Singapore held the second position, contributing 17.8% of imports into the country. Thailand rounded out the top three import sources. It supplies 12.1% of Cambodia’s imported goods and materials.
The Cambodian Point of View by Lim Heng
Lim Heng, vice president of the Cambodia Chamber of Commerce (CCC), discussed the trade dynamics between the two countries. He highlighted that Cambodia imports a significant amount of high-tech equipment from Singapore.
Cambodia exports textiles and agricultural products as a developing nation.
Heng is hopeful that trade between Cambodia and Singapore will continue growing. Experts predict a strong global economic growth in 2024, better than 2023. He remarked,
“With the forecasted global economic growth in 2024 expected to be higher than in 2023, I am optimistic that exports and imports between the two nations will increase.”
Increasing Real Estate Opportunities with Increasing Trade
At IPS Cambodia, we believe the robust trade relationship with Singapore presents exciting opportunities for real estate investors and homebuyers. As a member of ASEAN and the Regional Comprehensive Economic Partnership (RCEP), Cambodia is well-positioned to attract foreign direct investment (FDI) from Singapore and other partner nations.
In the first quarter of 2023 alone, Cambodia received 185.7 trillion riels ($45.51 billion) in FDI. Singapore emerged as the third-largest financer, investing 12.1 trillion riels ($2.065 billion) in various sectors. These include finance, real estate, manufacturing, and agriculture.
IPS Cambodia – Your Trusted Real Estate Partner
As a leading real estate agency in Cambodia, we are committed to helping clients navigate the dynamic property market and capitalise on the country’s economic growth opportunities. Our team of experienced professionals provides expert guidance, market insights, and personalised services to ensure that your real estate investments or home purchases align with your goals and preferences. Our services include:
Whether you are an investor seeking profitable opportunities or a homebuyer searching for your dream property, we are here to assist you every step of the way. With our extensive knowledge of the local market and our commitment to excellence, we are dedicated to making your real estate journey a seamless and rewarding experience.
Conclusion
The flourishing trade between Cambodia and Singapore not only strengthens the economic ties between the two nations but also presents exciting prospects for real estate investment and development.
At IPS Cambodia, we are proud to be at the forefront of this dynamic market. We offer comprehensive services and expert guidance to help you make informed decisions. Contact us today to explore the opportunities.
KH