Export of bicycles from Cambodia to various countries, including developed economies, continues to set new records. Between January and September of 2022, the bicycles sector contributed around $700 million to the overall export pool.
The rapid export growth is also evident from the fact that the Kingdom of Cambodia had for the first six months (January-June) of this year reported earnings of $505 million from bicycle exports. Announced by the Kingdom’s Ministry of Commerce, the figure was a 104 percent increase over the same period of the previous year, which was also the period when the Corona pandemic was raging across the globe.
According to a report of the General Department of Customs and Excise of Cambodia, the Kingdom mainly exports bicycles to the United States, the United Kingdom, the European Union, Canada, the 10-member Association of Southeast Asian Nations (Asean), Japan, China and South Korea.
Secretary of State and spokesman for the Ministry of Commerce, Seang Thai attributed the growth of Cambodia’s bicycle exports to the improvement in the Covid-19 situation, the increasing demand for exercise bikes, and various measures being taken by ministries, private firms and other institutions to attract customers and promote the sector.
Domestic demand also contributed to the growth of the bicycle industry in the country. For example, the domestic demand accounted for $15 million of the sales, said a senior official at the Ministry of Industry, Science, Technology and Innovation, in the second week of August.
Cambodia has 13 bicycle units, which included 12 in Svay Rieng and one in Kandal province, with an investment of $112 million.
The top five largest exporters of bicycles – China, Taiwan, Netherlands, Germany and Cambodia – accounted for 70.3 percent of all bicycles sold on international markets in 2021.
The main markets for Cambodian bicycles are the United States, Germany, United Kingdom, Japan, China, ASEAN, Belgium, the Netherlands, Austria, Sweden, Denmark, Australia, the Czech Republic, Italy, Colombia, the Republic of Korea, Spain, Slovenia and Canada.
Heng Sokkung, Secretary of State and spokesman for the ministry recently said, “Cambodia is the world’s fifth largest exporter in the bicycle industry and the number one exporter to the European Union.”
“Before 2020, China was the number one exporter to the European Union, followed by Taipei city. But it changed from 2020 as Cambodia became the largest exporter of bicycles to the European Union, accounting for 24 percent of the EU’s total imports, followed by China at 17 percent and Taipei at 11 percent,” the official said.
The overall value of bicycle exports increased by an average 41.1 percent for all shipping-out countries since 2017 when the worldwide trade of bicycles was valued at $8.9 billion.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
