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Cambodia's bicycle exports fell 43% from January to October 2023

Cambodia's bicycle exports fell 43% from January to October 2023

October 24, 2023

Cambodian bicycle manufacturers have suffered from shrinking demand in the global market, and the decline in exports will continue to widen.

In the first half of 2023, Cambodia's exports fell by 30.52% year-on-year. However, the market shows no signs of recovery at all. According to the latest statistics from the Ministry of Commerce, Cambodia’s exports from January to October 2023 totaled 402 million euros, a 42.8% decrease from 704 million euros in the same period last year.

Penn Sovicheat, secretary of state and spokesperson for the Cambodian Ministry of Commerce, told the Khmer Times: "The seasonal festivals in Western countries are coming, and this is Cambodia's main market for bicycles, so I predict that bicycle exports will increase in the coming months this year. ."

The Christmas market may boost bicycle sales in North America and the UK, but it won't clear inventories. British and American companies see this as no reason to order new cars. There is currently no sign that the spokesperson's prediction will come true, so Cambodia's bicycle exports are expected to continue to decline in the fourth quarter.

Cambodia’s bicycle exports grew rapidly during the epidemic. As early as 2020, Cambodia had rapidly developed into an important production base for bicycles in Europe and North America. Total bicycle exports in 2019 were 349.9 million euros, an increase of 24.6% compared with 280.7 million euros in 2018.

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