CAMBODIA IS SET TO SEE ECONOMIC GROWTH AS IT MAINTAINS ITS GROWTH PREDICTION AT 6.3% FOR 2025, UP FROM 6% LAST YEAR. THIS OUTLOOK WAS ANNOUNCED BY PRIME MINISTER HUN MANET DURING A RECENT ECONOMIC CONFERENCE. HE STATED THAT THE GROWTH WILL BE DRIVEN MAINLY BY THE EXPORT OF TEXTILES, FOOTWEAR, AND OTHER NON-TOXIC PRODUCTS, ALONG WITH A CONTINUED RESILIENCE IN THE TOURISM AND REAL ESTATE SECTORS.
"Cambodia maintains its forecast for economic growth at 6.3% for 2025, up from 6% last year," said Hun Manet. The Prime Minister emphasized the importance of free trade agreements which allow Cambodia to tap large markets and anticipate growth averaging around 6.5% annually over the medium term.
TO THE SOUTH, THAILAND IS ALSO CAPITALIZING ON ITS EXPORT POTENTIAL, PARTICULARLY IN CUT FLOWERS, WHERE IT RANKS SECOND GLOBALLY. THE THAI MINISTRY OF COMMERCE HAS REVEALED THAT IN 2023, THAILAND HELD A 33.4% SHARE OF THE GLOBAL ORCHID EXPORT MARKET, REFLECTING A RESILIENT GROWTH AFTER THE COVID-19 PANDEMIC IMPACTED TRADE. THE GOVERNMENT IS FOCUSING ON INNOVATIVE MARKETING STRATEGIES TO ENGAGE YOUNGER AUDIENCES.
"Our goal is to craft innovative strategies to engage the young consumers on digital platforms," mentioned Sunanta Kangwalikit, Director-General of the Department of International Trade Promotion (DITP). The campaign dubbed "Thai Fruit Golden Month Online" will promote Thai durians, with the highlight date set on May 5, which is recognized as Thai Durian Day.
THE IMPORTANCE OF MARKET PRESENCE IS UNDERLINED AS THAILAND EYES EXPANDING ITS MARKET AMONGST THE GROWING DEMAND IN CHINA. WHILE TRADE PLANS ARE UNDERWAY, THAILAND'S DURIA EXPORTERS FACE NEW CHALLENGES. STRICTER REGULATIONS SURROUNDING CONTAMINATION TESTING HAVE ARISEN RECENTLY.
"Building trust with China concerning our durian's safety is imperative," emphasized Sotep Noppanut, whose family runs one of the major durian farms. With durian shipments facing increased scrutiny, exporters are concerned about maintaining buyer relationships without compromising quality.
IN ADDITION TO CRAFTING BETTER MARKETING STRATEGIES, THE RANONG PORT IN THAILAND HAS ALSO EXPERIENCE A SIGNIFICANT INCREASE IN TRADE, REPORTED TO HAVE JUMPED BY A REMARKABLE 200% TO ACCOMMODATE AN INCREASE IN IMPORTS AND EXPORTS IN LIGHT OF NEW GEOPOLITICAL REALITIES IN MYANMAR. THE POLITICAL INSTABILITY IN THE REGION HAS FORCED BUSINESS OPERATORS TO MOVE THEIR GOODS THROUGH THIS PREFIXED MARITIME TRADE ROUTE.
"Ranong Port’s imports-exports surged by 200% due to political instability—forcing businesses to adapt," said Monporn Charoensri, Deputy Minister of Transport. The rapid expansion at Ranong aims to support the Southern Economic Corridor (SEC) initiative, reflecting the Thai government’s strategy to uplift logistical capabilities.
ANOTHER FACTOR CONTRIBUTING TO THE GROWTH IN TRADE AT RANONG PORT IS THE GREATER ECONOMIC INTEGRATION WITH MYANMAR, PREDICTED TO BECOME A GROWING MARKET FOR THAI EXPORTS. THE JUMP IN IMPORT EXPORT NUMBERS IS EVIDENCE OF THAILAND'S PROACTIVE APPROACH IN SEIZING OPPORTUNITIES PROVIDED BY SITUATIONAL ADAPTATIONS.
WITHIN THE 2024 BUDGETS, CAMBODIA AND THAILAND'S RELATIONSHIP WILL CONTINUE TO FLOURISH AS THEY EMBRACE STRATEGIC GROWTH OPPORTUNITIES, DESPITE FACING CHALLENGING MARKET CONDITIONS. BOTH NATIONS’ CONCENTRATED EFFORTS WILL LIKELY CONTINUE TO GARNER POSITIVE TRADE BALANCE AS PROJECTS AIM TO DRIVE SUSTAINED GROWTH IN DIVERSE SECTORS INCLUDING TEXTILES, FLOWERS, AND AGRICULTURE.
AS THE SOUTH-EAST ASIAN REGION NAVIGATES THE CHANGING POLITICAL AND ECONOMIC LANDSCAPES, THAILAND AND CAMBODIA REMAIN STRATEGIC PARTNERS IN ADVANCING TOWARD A MORE SUSTAINABLE FUTURE FOR THEIR RESPECTIVE ECONOMIES.