According to Cambodia’s official import and export information, Cambodia’s exports of bicycles to the international market will reach 966 million dollars in 2022, up 48% from 651 million dollars in 2021.
The Deputy Secretary of State and Spokesperson of the Ministry of Commerce, Penn Sovich, said that these bicycles have been shipped to more than 50 countries and regions such as the European Union, the United Kingdom, the United States, Canada, Japan and China. Bicycles have become one of the main manufacturing products exported by Cambodia after clothes, shoes and tourist supplies.
As a result, Cambodia has become the fifth largest exporter of bicycles in the world and the largest exporter of bicycles to the European Union in recent years. In the first half of 2022, Cambodia has exported bicycle goods worth 505 million dollars to the European Union. According to statistics, the European Union imported about 6 million bicycles last year, worth more than 1 billion euros. At the same time, Cambodia is also among the top exporters of bicycles in the Association of Southeast Asian Nations.
From January to April 2022, Cambodia exported bicycles worth more than US $300 million to the international market. Among them, the largest amount of exports to the United States reached US $129.34 million, followed by Germany with US $47.99 million. There are currently 13 large industrial bicycle manufacturers in Cambodia, which has injected hundreds of millions of dollars into the production of bicycles in Cambodia.
Since 2018, Cambodia’s bicycle export has grown rapidly, with the export volume of 331 million US dollars in 2018 and 412.5 million US dollars in 2019. In 2020, Cambodia has established its position as a major bicycle exporter to the European Union.
In the context of the slowdown in the international demand of the bicycle industry, the export volume of Cambodia has increased significantly. The sales volume of bicycles in the UK has dropped by a quarter compared with the level before the epidemic, but some market segments have increased significantly. Among them, the “competitive bicycles” and “mountain bikes” representing high-end sports and high added value have increased significantly in developed countries, However, the production of ordinary mechanical bicycles is more transferred to developing countries, making use of local cheap labor and the market of low-value-added products to obtain more profits.
Electric bicycles now account for 30% of the total number of bicycles purchased. The electrification reform of the bicycle industry has become an inevitable trend, which has also led to the emergence of more products that subdivide the track. The sales volume of mechanical bicycles declined, but the prices of professional market segments and electric bicycles continued to rise. The market value in 2022 was 16% higher than that in
2021. As a single motorized vehicle, the electric bicycle industry still has a lot of room for development.