Cambodia’s international merchandise trade reached $44.07 billion during the first seven months of 2026, marking a 21.3 percent increase from the same period last year. The latest figures from the General Department of Customs and Excise show that both exports and imports continued to grow strongly, although the country’s trade deficit also widened. China remained Cambodia’s largest trading partner by total trade volume, while the United States continued to provide the Kingdom with its biggest bilateral trade surplus.
The figures highlight a rapidly expanding trading environment in which Cambodia is selling more goods overseas while also importing more products from major international markets. From January through July, exports climbed to $20.81 billion, while imports reached $23.26 billion, pushing the overall trade deficit to $2.44 billion.
China Remains Cambodia’s Biggest Trading Partner
China continued to dominate Cambodia’s trade landscape during the first seven months of the year. Bilateral trade reached $13.63 billion, representing a 23.9 percent increase compared with the same period in 2025. China alone accounted for roughly 31 percent of Cambodia’s total merchandise trade.
Cambodian exports to China increased 24.2 percent to $1.10 billion, showing continued demand for Cambodian products in the Chinese market. However, imports from China were much larger, rising 23.8 percent to $12.52 billion.
That gap resulted in a bilateral trade deficit of $11.42 billion with China, making the country the largest source of Cambodia’s overall trade imbalance. Cambodia’s export coverage of Chinese imports stood at only 8.8 percent, underscoring the significant difference between the value of goods Cambodia sells to China and the value of goods it purchases from the country.
The US Delivers Cambodia’s Largest Trade Surplus
While China led Cambodia’s trade by volume, the United States remained the Kingdom’s most important surplus market. Trade between Cambodia and the US rose 32.2 percent to $9.42 billion during the first seven months.
Exports to the US jumped 30.6 percent to $9.05 billion, supported by strong shipments of garments, footwear and other manufactured products. At the same time, imports from the US more than doubled, increasing 87 percent to $377 million.
Despite the sharp rise in American imports, the overall value remained relatively small compared with Cambodia’s exports to the US. As a result, Cambodia recorded a bilateral trade surplus of $8.67 billion with the United States.
The export coverage ratio declined from 3,436 percent to 2,400 percent, but the US remained Cambodia’s largest single country source of trade surplus and an important contributor to foreign exchange earnings.
Trade With Vietnam Turns Positive
Vietnam also recorded notable changes in its trade relationship with Cambodia. Bilateral trade increased 8.2 percent to $5.35 billion during the first seven months of 2026.
Cambodian exports to Vietnam rose 12.4 percent to $2.73 billion, while imports from Vietnam increased at a slower pace of 4.2 percent to $2.62 billion. This helped Cambodia move from a trade deficit with Vietnam to a modest surplus.
Cambodia recorded a $112 million trade surplus with Vietnam, reversing the $84 million deficit recorded during the same period in 2025. The export coverage ratio also improved from 96.6 percent to 104.3 percent, suggesting that the bilateral trade relationship has become more balanced.
Three Markets Shape Cambodia’s Trade Outlook
The latest figures show that Cambodia’s trade expansion is being heavily influenced by China, the United States and Vietnam. Together, these three markets accounted for more than half of the Kingdom’s total trade during the first seven months of 2026.
The strong growth in exports and imports points to increasing commercial activity, but the wider national trade deficit also highlights the importance of maintaining a healthy balance between overseas sales and purchases. Cambodia’s large deficit with China remains a major factor, while the substantial surplus with the US and the newly positive balance with Vietnam provide important offsets.
As a result, any changes in consumer demand, investment flows, tariffs or trade policies in these three markets could have a significant impact on Cambodia’s trade performance during the remainder of the year.
US Cambodia Trade Ties Are Growing
Chea Chandara, President of the Logistics Supply Chain and Brokers Business Association in Cambodia, told Khmer Times that Cambodia’s economic relationship with the United States has strengthened significantly under the second term of US President Donald Trump.
He noted that the United States Trade Representative recently imposed a 10 percent tariff on Cambodian goods entering the US market under Section 301. “This rate is more competitive than the 12.5 percent applied to neighbouring countries such as Thailand and Vietnam.”
According to Chandara, Cambodia has also reduced import duties on a range of American products, with some commodities now subject to zero tariffs. These changes have encouraged traders to bring more American products into Cambodia, contributing to a reported 60 to 80 percent increase in imports from the US since the beginning of the year.
More American Products Are Entering Cambodia
Chandara said Cambodia’s imports from the United States were previously concentrated in a relatively small number of product categories, particularly vehicles. The range of American goods available in the Cambodian market has since expanded.
This growth in imports reflects stronger two way commercial activity between the two countries. Although Cambodia continues to record a very large surplus with the US, the increase in American products entering the local market suggests that trade ties are becoming broader rather than being driven almost entirely by Cambodian exports.
The development could also create more opportunities for Cambodian businesses and consumers to access products from the US, while providing American companies with greater exposure to the Cambodian market.
Chinese Investment Also Supports Export Growth
The relationship between Cambodia’s trade with the US and Chinese investment is another important part of the picture, according to Chandara. “Chinese investors dominate the country’s investment landscape, with the majority of projects concentrated in the industrial sector.”
He explained that Cambodia’s relatively small domestic market means many of these investments are primarily focused on producing and processing goods for export. The United States and European markets offer opportunities for manufacturers to reach larger consumer bases and potentially achieve higher returns.
This means Chinese investment in Cambodia’s industrial sector can also contribute indirectly to the Kingdom’s export performance, particularly when factories established in Cambodia produce goods destined for major Western markets.
Thailand Border Closure Creates New Market Opportunities
Changes in regional trade conditions are also affecting Cambodia’s domestic market. Chandara said the ongoing land border closure with Thailand has created additional opportunities for products from other major trading partners.
“With Thai products, which long dominated the Cambodian market, less available, both US and Chinese goods have gained greater access to local consumers, further supporting the rise in two-way trade,” he said.
The situation illustrates how regional supply disruptions can quickly influence Cambodia’s import patterns. With Thai goods less available through traditional land border channels, businesses and consumers have increasingly turned to products from other markets.
What Does the $44 Billion Trade Figure Mean for Cambodia?
Cambodia’s $44.07 billion trade volume in the first seven months of 2026 reflects strong momentum in both exports and imports. China remains the Kingdom’s largest trading partner by volume, while the United States stands out as the largest source of bilateral trade surplus. Vietnam, meanwhile, has moved into a modest surplus position for Cambodia.
The numbers also reveal an important challenge. Cambodia’s expanding trade activity is accompanied by a growing overall deficit, driven largely by the huge imbalance with China. At the same time, strong exports to the US and improving trade with Vietnam are helping offset part of that gap.
For businesses, investors and policymakers, the figures point to a Cambodian economy becoming increasingly connected to major global and regional markets. How Cambodia manages these relationships, strengthens domestic production and expands export opportunities will be important for maintaining sustainable trade growth in the months ahead.
Conclusion
Cambodia’s trade reached more than $44 billion in just seven months, demonstrating the continued expansion of the Kingdom’s international commerce. China remains number one by total trade volume, but the United States remains Cambodia’s strongest surplus market. Meanwhile, Vietnam’s shift from a trade deficit to a surplus adds another positive development.
The challenge now is to turn growing trade volumes into stronger and more balanced economic growth. As Cambodia deepens its links with China, the US, Vietnam and other international markets, investment, manufacturing and export diversification will remain key factors in determining how the Kingdom’s trade story develops through the rest of 2026.