Singapore is rapidly strengthening its position in Cambodia’s international trade, putting it on track to overtake Thailand as the country’s fifth-largest trading partner. Bilateral trade between Cambodia and Singapore reached US$1.74 billion in the first nine months of 2026, up 137.4% year-on-year, while trade with Thailand fell 28.5% to US$2.08 billion, according to data from Cambodia’s General Department of Customs and Excise (GDCE).
The diverging trade trends have emerged following the Cambodia-Thailand border conflict in December 2025. Singapore’s expanding trade relationship with Cambodia has been driven primarily by rising imports, while trade with Thailand has contracted significantly.
Key Facts
Cambodia-Singapore trade: US$1.74 billion from January to September 2026, up 137.4% year-on-year.
Cambodia-Thailand trade: US$2.08 billion over the same period, down 28.5%.
Trade gap between the partners: Thailand remained ahead of Singapore by approximately US$340 million.
Cambodian imports from Singapore: US$1.67 billion, up 143.4%.
Cambodian exports to Singapore: US$68.13 million, up 47.6%.
Cambodian imports from Thailand: US$1.54 billion, down 33.9%.
Cambodian exports to Thailand: US$538.74 million, down 6.5%.
Singapore’s Trade Growth Narrows Thailand’s Lead
Cambodia’s trade with Singapore increased from January to September 2026 as the Southeast Asian city-state strengthened its position among the Kingdom’s major trading partners.
GDCE figures show that bilateral trade with Singapore rose 137.4% year-on-year to US$1.74 billion, compared with the same period in 2025. In contrast, trade with Thailand declined from US$2.91 billion to US$2.08 billion.
Thailand retained its position as Cambodia’s fifth-largest trading partner during the reporting period, but its lead over Singapore narrowed to around US$340 million.
The contrasting results indicate a significant change in the distribution of Cambodia’s trade among its regional partners. If the trends continue, Singapore could overtake Thailand, although the figures for the first nine months do not establish whether or when that change will occur.
Monthly Trade Figures Reveal Diverging Trends
The monthly figures reported by the GDCE show that trade with Thailand remained below its previous-year levels throughout the first nine months of 2026, while trade with Singapore recorded substantial year-on-year increases.
Cambodia-Thailand trade continues to contract
Trade between Cambodia and Thailand fell 43.5% year-on-year to US$209 million in January 2026.
The rate of decline subsequently eased, although trade remained below the corresponding monthly levels of the previous year. The reported year-on-year decreases were:
January: 43.5%
February: 42.3%
March: 39.4%
April: 38.1%
May: 38.7%
June: 37.5%
July: 32.7%
August: 32%
September: 28.5%
The September figure represented a smaller decline than those recorded earlier in the year. Nevertheless, the cumulative value of Cambodia-Thailand trade remained substantially lower than in the first nine months of 2025.
The data suggest that the pace of contraction moderated over the period, but they do not establish that bilateral trade has returned to normal conditions.
Cambodia-Singapore trade records rapid growth
Trade with Singapore followed the opposite trajectory, with particularly strong year-on-year growth in the first half of 2026.
The reported growth rates were:
January: 224%
February: 191.5%
March: 191.8%
April: 220.8%
May: 242.2%
June: 216.1%
July: 188.8%
August: 164%
September: 137.5%
Cambodia-Singapore trade reached US$174 million in January alone. Although the monthly growth rate eased after peaking at 242.2% in May, the cumulative trade value continued to increase.
The figures point to a substantial expansion in commercial activity between the two countries. However, the reported data do not identify the specific products, companies or sectors responsible for the increase.
Imports Drive Cambodia-Singapore Trade Expansion
The expansion in Cambodia’s trade with Singapore was driven primarily by imports rather than exports.
Cambodian imports from Singapore rose 143.4% year-on-year to approximately US$1.67 billion during the first nine months of 2026. Meanwhile, exports from Cambodia to Singapore increased 47.6% to US$68.13 million.
Although the export increase was significant in percentage terms, the value of imports was much larger. This difference explains why the rapid growth in bilateral trade has not translated into a more balanced trading relationship.
For Cambodian businesses, the figures highlight Singapore’s growing importance as a source of imported goods. However, the available data do not specify which import categories accounted for the increase, making it difficult to determine how much of the growth reflects domestic consumption, business inputs or other commercial demand.
Cambodia’s Trade Deficit With Singapore Widens
Cambodia’s trade deficit with Singapore widened to approximately US$1.60 billion in the first nine months of 2026, compared with US$640.8 million during the same period a year earlier.
The export coverage ratio—the value of exports as a proportion of imports—also declined from 6.7% to 4.1%.
In practical terms, Cambodian exports covered a smaller share of the Kingdom’s imports from Singapore than they did in the previous year. The difference between the value of imports and exports therefore increased.
A growing trade deficit is not, by itself, proof that a trading relationship is economically disadvantageous. Imported goods can support domestic consumption, production, investment and business operations. Its implications depend partly on what Cambodia imports, how those imports are used and whether domestic firms can expand their exports over time.
Nevertheless, the figures show that Cambodia’s commercial relationship with Singapore is expanding much faster on the import side than on the export side.
Trade With Thailand Declines on Both Sides
Cambodia’s trade with Thailand weakened in both directions during the first nine months of 2026, although imports recorded the larger percentage decline.
Cambodian imports from Thailand fell 33.9% year-on-year to US$1.54 billion. Exports to Thailand declined 6.5% to US$538.74 million.
The bilateral trade deficit narrowed to approximately US$1 billion, down from US$1.76 billion in the same period of 2025.
The smaller deficit reflects the sharper decline in imports compared with exports. It should not automatically be interpreted as an improvement in overall trade performance, since total bilateral trade also contracted substantially.
The figures are consistent with a weaker trading relationship following the Cambodia-Thailand border conflict in December 2025. However, the available report does not quantify the separate effects of border restrictions, changes in business demand, supply-chain adjustments or other factors.
What the Changing Trade Balance Means for Cambodian Businesses
The shift in trade patterns has implications for companies that source goods internationally, distribute products regionally or depend on cross-border commercial relationships.
Singapore’s growing role in regional trade
Singapore’s rapid growth in trade with Cambodia highlights its increasing importance within the Kingdom’s international commercial network. Businesses may need to pay closer attention to sourcing arrangements, supplier relationships and trade opportunities involving Singapore.
However, the aggregate figures alone cannot establish which industries offer the strongest opportunities. Sector-level import and export data would be needed to identify specific products and markets with the greatest potential.
Thai trade remains substantial despite the decline
Despite its contraction, Cambodia-Thailand trade still reached US$2.08 billion in the first nine months of 2026. Thailand therefore remained a major trading partner, and the decline does not mean that the bilateral commercial relationship has become insignificant.
Companies with exposure to Thai suppliers or customers may need to assess how changes in cross-border trade affect procurement, delivery schedules and market access. The extent of those effects will vary by business and product category.
Export development remains an important challenge
Cambodia’s widening trade deficit with Singapore underscores the difference between expanding total trade and increasing export capacity.
The 47.6% increase in exports to Singapore is a positive movement in percentage terms, but exports amounted to just US$68.13 million, compared with US$1.67 billion in imports.
For Cambodia to develop a more balanced trading relationship, businesses would need to identify competitive products, meet relevant market requirements and strengthen their ability to reach overseas buyers. The source figures do not establish which products could achieve this or how quickly exports might expand.
Angkor Times Analysis
Cambodia’s trade figures for the first nine months of 2026 reveal two distinct developments: a rapid expansion in trade with Singapore and a significant contraction in trade with Thailand.
Singapore’s rise is notable because its bilateral trade with Cambodia increased by more than 137% year-on-year, while Thailand’s trade value fell by more than a quarter. The remaining US$340 million difference between the two partners makes Singapore a credible contender to move ahead if the respective trends persist.
However, the quality and composition of trade matter as much as its headline value. Singapore’s expansion has been driven predominantly by imports, and Cambodia’s export coverage ratio has fallen to 4.1%. This means that the growth in trade volume has not yet been matched by comparable growth in Cambodian sales to the Singaporean market.
The decline in trade with Thailand also requires careful interpretation. The figures show a sustained contraction during the reporting period and a gradual moderation in the year-on-year decline. They do not, on their own, establish the long-term effects of the border conflict or show whether the relationship will recover.
For policymakers and business leaders, the next important indicators will be the composition of imports from Singapore, the performance of Cambodian exports to both markets, and whether the decline in trade with Thailand continues to moderate.
Singapore may soon overtake Thailand in Cambodia’s trade rankings, but the broader economic question is whether Cambodia can turn changing regional trade patterns into stronger export capacity and more resilient commercial relationships.
Frequently Asked Questions
1. How much did Cambodia trade with Singapore in the first nine months of 2026?
Cambodia’s bilateral trade with Singapore reached US$1.74 billion from January to September 2026, representing a 137.4% year-on-year increase.
2. How much did Cambodia trade with Thailand during the same period?
Cambodia-Thailand trade totalled US$2.08 billion, down 28.5% from US$2.91 billion in the first nine months of 2025.
3. Has Singapore overtaken Thailand as Cambodia’s fifth-largest trading partner?
Not yet, according to the figures reported. Thailand remained ahead at US$2.08 billion, compared with Singapore’s US$1.74 billion. The difference was approximately US$340 million.
4. What is driving the increase in Cambodia-Singapore trade?
The increase has been driven primarily by imports from Singapore, which rose 143.4% year-on-year to US$1.67 billion. Cambodian exports to Singapore increased 47.6% to US$68.13 million.
5. How large is Cambodia’s trade deficit with Singapore?
Cambodia recorded a trade deficit of approximately US$1.60 billion with Singapore in the first nine months of 2026, compared with US$640.8 million a year earlier.
6. Why has Cambodia-Thailand trade declined?
The source report places the contrasting trade performance in the period following the Cambodia-Thailand border conflict in December 2025. It does not quantify the contribution of individual causes to the decline.
7. What does the changing trade relationship mean for Cambodian companies?
Companies may need to review sourcing, supplier relationships and export opportunities in both markets. The overall figures show the direction of trade, but sector-level data are needed to identify specific commercial opportunities.