Exchange with Japan, Canada sees development the finish of 2024

Japan and Canada, two G7 countries, are on target to be Cambodia’s fifth and sixth biggest trading accomplices in 2024. Japan will be the fifth. Canada will be the sixth. This is as per late information delivered by the Overall Division of Customs and Extract (GDCE). The exchange between the two countries and the Realm in 2024 has demonstrated huge development.

Contrast Japan-Canada Cooperation

In contrast, the 2023 exchange figures were lower. During the initial 11 months of 2024, trade between Japan and Cambodia amounted to $1.949 billion. This was an increment of nearly 19% compared to trades recorded between January and November 2023. This reflects how the exchange relationship grew. Additionally, exchange with Japan and Canada will develop at the end of 2024.

Cambodian products to Japan accounted $1.272 billion of the exchange surplus in the initial 11 months of last year. This was up more than 19% compared to a similar period in 2023. In the meantime, imports from Japan into the Realm added up to $677.41 million in the initial 11 months of 2024, up more than 18% from a similar period the year prior. Based on trends in the first 11 months of 2024, Japan is on track. It will remain the Realm’s fifth-largest trading partner. This is in light of the absolute worth traded.

China keeps on standing firm on the main situation, trailed by the US, Vietnam, and Thailand. Key Cambodian-made commodities to Japan in 2024 included attire and clothing, packs, shoes, furniture, and cowhide items. Additionally, beauty care products and paper and office supplies were important exports. In the interim, key imports from Japan into Cambodia last year were vehicles, hardware and gadgets. Other imports included furniture, materials, and plastic items.

Measurements from the Service of Trade (MoC) likewise demonstrated strong growth in Japanese business interests in Cambodia throughout 2024. From January to November last year, a total of 88 Japanese organizations enlisted in the Realm. This was up more than 20% from the initial 11 months of 2023. During a similar period, Cambodia’s exchange with Canada also worked impressively.

This was in contrast to prior years. From January to November 2024, the exchange between Canada and the Realm reached an all-time high of $1.063 billion. This marked a 27 percent expansion compared with a similar period in 2023, as per GDCE measurements.

Canada is expected to become Cambodia’s 6th biggest exchange partner for 2024. This is based on the trend in exchange results for December 2024. This follows Japan in the fifth spot. Cambodian products to Canada accounted $1.011 billion of the public all-out trade balance. This was a jump of more than 30% compared with the initial 11 months of 2023.

Imports from Canada into the Realm in the mean time addressed an amount of $52.07 million, dropping 15 percent contrasted with a similar period in the earlier year. Cambodian products to Canada dominate the exchange relationship now. They account for more than 95% of the total exchange volume between the countries. Key commodity items from Cambodia to Canada in 2024 included attire, footwear, packs, and bikes.

To continue benefiting from solid growth in exchange and investment between Cambodia and Canada, various initiatives have begun recently. These initiatives aim to enhance the partnership between the two nations.

During the ‘ASEAN Culmination’ held in Laos in October 2024, Canada’s Head of State, Justin Trudeau, shared important news. He discussed this with the state Head Hun Manet. He announced that Canada will open a consulate in Cambodia soon. This aims to more likely facilitate exchange, investment, and diplomatic efforts between the two countries.

I couldn’t find a specific reference to a “business store exchange” between Japan and Canada in 2024. But I did find several developments and agreements that may relate to what you meant. Here’s what seems relevant:

Behind Japan-Canada business cooperation

1. Strong trade relations
   • Japan is a key trading partner for Canada. There have been decades of bilateral trade in sectors like energy, agriculture, food, and minerals.
   • Canada exports products like canola, wheat, and fisheries to Japan; Japanese investment in Canada is also significant.
2. Market expansion & brand promotion
   • Japanese companies are increasingly looking to expand globally. Canada offers a stable consumer market with an appetite for quality Japanese goods. These include fashion, cosmetics, lifestyle, and food.
   • On the flip side, Canadian exporters (food/agri, cleantech, creative industries) are seeking greater access into Japan and the Indo-Pacific region. Export Development Canada (EDC) opened a representation office in Tokyo in 2024. This office aims to help Canadian exporters navigate the Japanese market and beyond.
   • Japanese external trade agencies (like JETRO) have been promoting B2B matchmaking, showcasing Japanese products, and supporting Japanese firms exporting overseas.
3. Financial/institutional cooperation
   • In September 2024, the Japan Bank for International Cooperation (JBIC) signed a Memorandum of Understanding (MOU) with Export Development Canada. The purpose is to strengthen cooperation in infrastructure. This includes resilient supply chains and the energy transition in the Indo-Pacific region.
   • These sorts of agreements help reduce risk and provide financing. They create frameworks that make it easier for companies, including retailers or product-store operators, to expand across borders.
4. Cultural and promotional initiatives
   • There have been several trade missions, forums, and exhibitions (both physical and virtual). These events connected Canadian and Japanese companies. They range from creative industries to everyday consumer goods.
   • Programs such as the Canada-Japan Business Forum, Quebec-Japan Business Forum, and others have helped foster networking. They have promoted brands and increased cross-border retail interest.

Why does This Cooperation make sense?

• Consumer demand: Japanese brands are often associated with quality, reliability, and innovation. Canadian consumers (especially in urban centers) are increasingly receptive to foreign brands with strong appeal (beauty, lifestyle, kitchenware, fashion).
• Diversification: Japanese firms may see Canada as a lower-risk market. They can test concepts, expand distribution, or build brand recognition in North America without immediately entering the US.
• Leverage bilateral frameworks: Institutions like JBIC and EDC provide financial, advisory, and logistical support. They help mitigate the risks of international expansion.
• Synergy in infrastructure and logistics: Improved trade agreements have enhanced shipping and logistical ties. As a result, moving goods across the Pacific is becoming easier. It is now done at a manageable cost and risk.
• Mutual benefits: Canada gains access to Japanese innovation, consumer goods, and investment. Japan benefits from Canadian raw materials, agri-products, and market access.