As rapidly as bicycle exports increased during and in the aftermath of the pandemic, Cambodia is now losing this trade again. In the first half of this year, the five bicycle factories in the country, all located in SEZs of Svay Rieng province lost a third of their business.
A new investment law and influential trade rulings were still cited as the main reasons for the 104% growth generated in 2022. That’s no longer the case. Cambodia’s export value dropped to $331.947 million between January and June, down 30.52 % from $477.755 million in the first half of 2022. This was reported by the national custom’s statistics reported by the Ministry of Commerce.
“The decline during the first-half year of overseas bicycle sales can be attributed to competition with foreign manufacturers as well as consumers’ reduced spending on non-essential non-food products amid economic pressures, particularly in the Kingdom’s target export markets,” said Royal Academy of Cambodia economist Hong Vanak in the Phnom Penh Post.