Cambodia’s bilateral trade with China rose 23.8% year-on-year to US$17.58 billion in the first nine months of 2026, maintaining China’s position as the Kingdom’s largest trading partner. Data from the General Department of Customs and Excise (GDCE) show that Cambodia’s exports to China increased 28.7% to US$1.52 billion, while imports from China climbed 23.3% to US$16.06 billion. Despite growth in both directions, Cambodia’s trade deficit with China widened to US$14.55 billion.
Key Facts
Total bilateral trade: US$17.58 billion from January to September 2026, up 23.8% year-on-year.
Cambodian exports to China: US$1.52 billion, increasing 28.7%.
Cambodian imports from China: US$16.06 billion, rising 23.3%.
Trade deficit: US$14.55 billion, compared with US$11.85 billion in the same period of 2025.
Export coverage ratio: 9.5%, up from 9.1% a year earlier.
Previous-year trade value: US$14.21 billion in January–September 2025.
Data source: General Department of Customs and Excise (GDCE).
Cambodia–China Trade Expands by 23.8%
Cambodia’s trade with China increased from US$14.21 billion in the first nine months of 2025 to US$17.58 billion during the same period in 2026.
The increase of approximately US$3.37 billion reflects stronger trade flows in both directions. Exports from Cambodia grew faster in percentage terms than imports, but the much larger value of imports meant that China continued to supply the overwhelming majority of goods traded between the two countries.
China’s position as Cambodia’s largest trading partner highlights the importance of the bilateral commercial relationship to the Kingdom’s external trade.
However, the total trade value alone does not explain why the relationship has expanded. The supplied report does not provide a breakdown of the products, industries or individual trade agreements responsible for the increase.
Cambodian Exports to China Rise 28.7%
Cambodia exported US$1.52 billion worth of goods to China between January and September 2026, up from US$1.18 billion in the corresponding period of 2025.
The increase amounted to approximately US$340 million.
The 28.7% growth rate indicates that Cambodian exports to the Chinese market expanded substantially in percentage terms. Nevertheless, exports remained much smaller than imports, limiting the extent to which export earnings offset Cambodia’s purchases from China.
A detailed breakdown of export categories would help identify which Cambodian industries are benefiting most from demand in China. The source report does not specify the leading products or their individual contributions to export growth.
For Cambodian producers, expanding access to the Chinese market could offer opportunities to increase sales, diversify customers and develop export-oriented production. Realising these opportunities would depend on market demand, product quality, regulatory requirements and the ability of domestic businesses to compete.
Imports from China Reach US$16.06 Billion
Imports from China increased 23.3% to US$16.06 billion in the first nine months of 2026, compared with US$13.03 billion a year earlier.
The increase represented approximately US$3.03 billion in additional import value.
Imports accounted for most of Cambodia–China trade during the period. Their value was more than ten times Cambodia’s exports to China, illustrating the scale of the imbalance between the two directions of trade.
Imported goods can serve different purposes, including household consumption, business distribution and industrial production. The economic implications depend partly on the composition of those imports.
For example, goods used as production inputs or machinery may support domestic manufacturing and investment, while other imports may primarily meet consumer demand. The aggregate GDCE figures in the source report do not establish which categories accounted for the largest share of import growth.
Cambodia’s Trade Deficit With China Widens to US$14.55 Billion
Cambodia recorded a bilateral trade deficit of US$14.55 billion with China in January–September 2026, up from US$11.85 billion in the same period of 2025.
The deficit widened by US$2.70 billion, or approximately 22.8%.
The reason is straightforward: although exports increased, imports remained far higher in absolute value. Cambodia’s additional export earnings were not sufficient to offset the increase in the value of goods imported from China.
A bilateral trade deficit does not, by itself, establish whether trade is beneficial or harmful to the wider economy. Its implications depend on what is being imported, how imports contribute to domestic economic activity and whether Cambodian businesses can expand exports over time.
The figures nevertheless highlight an important policy and business question: how can Cambodia build on its export growth while developing a broader domestic production base and increasing the value of goods sold to China?
Export Coverage Ratio Improves Slightly to 9.5%
Cambodia’s export coverage ratio for trade with China stood at 9.5% during the first nine months of 2026, compared with 9.1% a year earlier.
The ratio measures exports as a proportion of imports. At 9.5%, Cambodia’s exports to China were equivalent to approximately US$9.50 for every US$100 of goods imported from that market.
The improvement suggests that exports covered a slightly larger share of imports than in the previous year. However, the ratio remained low because import values substantially exceeded export earnings.
This indicator provides additional context to the headline trade figures: Cambodia’s exports are growing, but the bilateral trade relationship remains heavily weighted towards imports from China.
Why China Remains Cambodia’s Largest Trading Partner?
The figures confirm China’s position as Cambodia’s largest trading partner, but the supplied report does not provide a detailed explanation of the factors behind that position.
Several questions are relevant to understanding the relationship more fully:
Import composition: Which products and production inputs account for the largest share of Cambodian purchases from China?
Export development: Which Cambodian industries are expanding sales to Chinese buyers?
Business and investment links: How much trade is associated with production networks and investment activity?
Market access: What opportunities exist for Cambodian exporters to enter or expand within China’s market?
Answering these questions would require product-level trade data, investment statistics and information about the companies and industries involved.
The overall trade figures establish the scale and growth of the relationship, but they do not independently demonstrate the contribution of each factor.
Angkor Times Analysis
Cambodia–China trade growth presents both opportunities and challenges for the Kingdom’s economy.
The 28.7% increase in exports is encouraging, but the rise from US$1.18 billion to US$1.52 billion occurred against a much larger import base. Imports reached US$16.06 billion, leaving Cambodia with a US$14.55 billion trade deficit.
The central issue is therefore not simply how to increase total trade, but how to strengthen Cambodia’s ability to sell a broader range of goods into the Chinese market while developing domestic production capacity.
For Cambodian manufacturers and agricultural businesses, potential priorities include identifying products with market demand, improving quality and consistency, meeting applicable import requirements and building relationships with Chinese buyers. These are possible areas for development, rather than outcomes confirmed by the current figures.
For policymakers, detailed trade data could help identify sectors with export potential and areas where domestic suppliers might become more competitive. A larger export base could improve the balance of bilateral trade over time, although the pace of any change would depend on demand, investment and production capabilities.
Businesses should also distinguish between the value of imported goods and their economic purpose. Imports that support productive investment may have different long-term effects from imports used primarily for consumption. The available data do not provide enough detail to quantify these differences.
Ultimately, China’s position as Cambodia’s largest trading partner makes the relationship commercially significant. The next measure of progress will be whether Cambodia can translate expanding trade into stronger domestic value creation, more diversified exports and sustainable opportunities for local businesses.
Frequently Asked Questions
1. How much was Cambodia–China trade in the first nine months of 2026?
Total bilateral trade reached US$17.58 billion from January to September 2026, an increase of 23.8% compared with the same period in 2025.
2. How much did Cambodia export to China?
Cambodia exported US$1.52 billion worth of goods to China, up 28.7% from US$1.18 billion a year earlier.
3. How much did Cambodia import from China?
Imports reached US$16.06 billion, rising 23.3% from US$13.03 billion in the first nine months of 2025.
4. What was Cambodia’s trade deficit with China?
Cambodia recorded a trade deficit of US$14.55 billion, compared with US$11.85 billion in the same period of 2025.
5. What does the export coverage ratio mean?
It measures exports as a proportion of imports. Cambodia’s ratio was 9.5% in the first nine months of 2026, up from 9.1% a year earlier.
6. Why is China Cambodia’s largest trading partner?
The figures confirm China’s position, but the supplied report does not provide a detailed breakdown of the reasons. Product-level trade data, investment information and supply-chain analysis would be needed to identify the main drivers.
7. Does the trade deficit mean Cambodia is losing money on all trade with China?
No. A trade deficit means the recorded value of imports exceeds exports. It does not establish whether every import is economically unproductive or whether the overall relationship is beneficial or harmful. The effects depend partly on the composition and use of imported goods, export earnings and wider economic conditions.
Sources and Further Reading
General Department of Customs and Excise (GDCE) — Trade statistics for January–September 2026, as cited in the source report.