Cambodia’s main exports are oil, gas, timber, gemstones, iron ore, pearls, gold, teak wood, rhinoceros horns and elephant tusks. Their main imports are wine, silk, cloves, cinnamon, nutmeg, wheat, iron and glassware ("Country Profile of Cambodia.”)
The country of Cambodia has many different trade agreements with many different countries. Cambodia has made trade agreements with the USA, Germany, United Kingdom, Canada and Vietnam. The biggest portion of that trade is the USA with 58.1%, which is where they send the majority of their exports ("Cambodia Economy”).
However, most of the importing of goods is done from nearby Thailand. These trade agreements are quite recent, created in 1995, since for a very long time countries refused to trade with Cambodia due to their corrupt government and strict policies of the Khmer Regime. So the country is relatively new to opening up trade to different countries. The biggest export from Cambodia is rice and they have very effective methods of harvesting this crop, after all for many years they were forced to solely rely on agriculture. The tools have been passed down over years; also the tips and tricks are passed on much like tools. After relinquishing the corrupt government the country has very few enemies because they are staying neutral to help produce more opportunities for trade ("Cambodia Economy”). Cambodia has a huge comparative advantage with its production of rice, for many years they relied on rice due to the corrupt government’s strict rules since they have specialized in producing rice at such a high rate of output. There is an abundance of human and physical capital in the production of rice within Cambodia. This leads to a high productivity rate for rice and other agriculture ("Cambodia Economy”).
Cambodia also exports fish although they do not have a comparative advantage. They are increasing productivity in the fishing industry but still lack the physical capital that other countries have to be more productive. This is not a very efficient method of trade for Cambodia’s economy. From 1975 until 1979, under the rule of the Khmer Rouge, Cambodia had many enemies their economic growth struggled greatly. However, after stabilizing the government the country now trades with many partners and has increased economic growth tremendously ("The Cambodian Economy: Ready For Take-Off"). Each year the country keeps increasing their trade and other countries are now investing in the advancement of Cambodia’s trade market.
In conclusion, Cambodia is on the path to being a successful country after stabilizing itself, as long as they keep advancing their methods of trade they will be on the path to success.
Works Cited
"Cambodia Economy." Expedited Visas, Visa Applications, Rush Passport, Passports, Travel. Web. 30 Nov. 2009.
"Cambodian Economy." AsianInfo.org. Web. 30 Nov. 2009.
"The Cambodian Economy: Ready For Take-Off?" IDEAS: Economics and Finance Research. Web. 30 Nov. 2009.
"Economy - Cambodia." Encyclopedia of the Nations - Information about countries of the world, United Nations, and World Leaders. Web. 30 Nov. 2009.
Infoplease: Encyclopedia, Almanac, Atlas, Biographies, Dictionary, Thesaurus. Free online reference, research & homework help. Infoplease.com. Web. 30 Nov. 2009.
(Cambodian Information Center (CIC) Homepage. Web. 10 Dec. 2009.
In some aspects your country is very similar to mine (Yemen), however in others I think Yemen should take note of for use as their economic base. Both of our countries have oil as a high contribution of exports. Also, Yemen and Cambodia both are relatively new to opening to trade. Cambodia has a main export of rice which is something that supply can’t be depleted. Yemen needs to find a new base for their economy to save themselves (because oil is 80% of their exported goods). An economy based off some form of agriculture (like rice) is something for Yemen to consider.
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