柬埔寨 2025 年贸易与债务现状深度分析
一、柬埔寨 TOP10 贸易伙伴及进口数据全景
2025 年（截至 6 月 10 日），柬埔寨进口贸易呈现显著区域集中特征，前十大贸易伙伴占据其进口总额的 85% 以上。中国以 700.54 亿美元的进口额稳居榜首，同比增幅达 51.9%，主要供应机电设备、机械零部件等工业制品。越南、泰国紧随其后，进口额分别为 180.05 亿美元（+13.4%）和 148.31 亿美元（+11.0%），前者以纺织品原料和农产品为主，后者则聚焦成品油、宝石珠宝等商品。
其余贸易伙伴中，印度尼西亚（43.62 亿美元，+3.2%）、日本（38.90 亿美元，+2.9%）、马来西亚（37.18 亿美元，+2.8%）等亚洲国家构成第二梯队，主要提供矿物燃料、化工产品及电子元件。中国台湾地区（30.14 亿美元，+2.2%）、韩国（23.82 亿美元，+1.8%）及中国香港（13.57 亿美元，+1.0%）则在精密机械、电子产品领域占据重要份额。
二、进口产品结构：机电与纺织原料主导，矿物燃料需求波动
柬埔寨进口商品以工业半成品和生产资料为主，2025 年 1-5 月数据显示：
- 机电设备（第 85 章） 进口额 108.13 亿美元（+36.0%），涵盖电动机械、电视音像设备等，占进口总额 8.0%，主要用于制造业升级与基础设施建设。
- 针织织物（第 60 章） 进口 141.73 亿美元（+13.4%），虽同比增速放缓，但仍是纺织业核心原料，支撑柬埔寨服装出口支柱产业。
- 矿物燃料（第 27 章） 进口 160.37 亿美元（-6.5%），受国际油价波动影响，需求略有下滑，但仍占进口总额 11.9%。
- 核反应堆与机械（第 84 章） 进口 97.37 亿美元（+63.7%），增速显著，反映基建与制造业投资升温；汽车及零部件（第 87 章）进口 96.10 亿美元（+50.8%），彰显本地交通市场需求扩张。
此外，塑料（第 39 章）、钢铁制品（第 73-76 章）等工业原料进口额均超 50 亿美元，凸显柬埔寨制造业对进口原料的依赖。
三、债权格局：中国领衔，多边机构深度参与
2025 年第一季度数据显示，中国以 39.81 亿美元债权成为柬埔寨最大债权国，主要投向基础设施与能源项目。亚洲开发银行（25.81 亿美元）、世界银行（17.2 亿美元）则通过政策性贷款支持民生与可持续发展项目。日本（13.28 亿美元）、韩国（6.89 亿美元）等亚洲国家及亚投行（5390 万美元）亦通过双边合作参与柬埔寨债务市场。
四、泰国对柬出口特写：宝石与能源双引擎
作为柬埔寨第三大贸易伙伴，泰国 2025 年 1-5 月对柬出口呈现结构化特征：
- 宝石与珠宝 占比 36.5%（531.23 亿泰铢），依托泰国珠宝加工产业集群，成为柬高端消费品市场主力；
- 成品油 占比 13.75%（200.11 亿泰铢），满足柬埔寨能源需求，同步带动化工产品（2.55%）、汽车零部件（2.48%）等工业制品出口。
尽管泰柬边境资源竞争引发地缘紧张，但贸易互补性仍支撑双边年贸易额超 148 亿美元，形成 “政治摩擦与经济融合并存” 的独特格局。
结语
柬埔寨 2025 年贸易数据揭示其经济对外部资源的深度依赖，机电设备与纺织原料的进口激增印证制造业升级趋势，而中泰越等亚洲经济体的主导地位凸显区域产业链整合特征。与此同时，债权结构的多元化与泰国出口的差异化策略，为理解东南亚贸易网络提供了多维视角。
In-Depth Analysis of Cambodia's 2025 Trade and Debt Landscape
I. Panoramic View: Cambodia's Top 10 Trading Partners and Import Data
As of June 10, 2025, Cambodia's import trade demonstrates significant regional concentration, with the top 10 trading partners accounting for over 85% of total imports. China takes the lead with $70.054 billion in imports, marking a year-on-year increase of 51.9%, primarily supplying industrial products such as mechanical and electrical equipment and machine components. Vietnam and Thailand follow closely, with imports amounting to $18.005 billion (+13.4%) and $14.831 billion (+11.0%) respectively. The former focuses on textile raw materials and agricultural products, while the latter emphasizes refined oil, gemstones, and jewelry.
In the second echelon, Asian countries including Indonesia ($4.362 billion, +3.2%), Japan ($3.890 billion, +2.9%), and Malaysia ($3.718 billion, +2.8%) mainly provide mineral fuels, chemical products, and electronic components. China's Taiwan region ($3.014 billion, +2.2%), South Korea ($2.382 billion, +1.8%), and Hong Kong ($1.357 billion, +1.0%) hold key shares in precision machinery and electronics.
II. Import Product Structure: Electromechanical and Textile Raw Materials in the Lead, Fluctuating Demand for Mineral Fuels
Cambodia's imports are dominated by industrial semi-finished products and production materials. Data from January to May 2025 shows:
- Electromechanical equipment (Chapter 85) imports reached $10.813 billion (+36.0%), covering electric machinery and audio-visual equipment, accounting for 8.0% of total imports, mainly used for manufacturing upgrades and infrastructure construction.
- Knitted fabrics (Chapter 60) imports stood at $14.173 billion (+13.4%). Despite the slowing growth, they remain core raw materials for the textile industry, supporting Cambodia's pillar garment export sector.
- Mineral fuels (Chapter 27) imports were $16.037 billion (-6.5%), slightly decreasing due to fluctuations in international oil prices, but still accounting for 11.9% of total imports.
- Nuclear reactors and machinery (Chapter 84) imports surged by 63.7% to $9.737 billion, reflecting the升温 (heating up) of infrastructure and manufacturing investment; vehicles and parts (Chapter 87) imports grew by 50.8% to $9.610 billion, demonstrating the expanding demand in the local transportation market.
Additionally, plastics (Chapter 39) and steel products (Chapters 73-76) each saw imports exceeding $5 billion, highlighting Cambodia's manufacturing sector's reliance on imported raw materials.
III. Debt Landscape: China in the Lead, Deep Participation of Multilateral Institutions
First-quarter 2025 data shows that China is Cambodia's largest creditor with $3.981 billion, mainly invested in infrastructure and energy projects. The Asian Development Bank ($2.581 billion) and the World Bank ($1.72 billion) support livelihood and sustainable development through policy loans. Asian countries such as Japan ($1.328 billion) and South Korea ($689 million), along with the Asian Infrastructure Investment Bank ($53.9 million), also participate through bilateral cooperation.
IV. Thailand's Export Focus to Cambodia: Dual Engines of Gems and Energy
As Cambodia's third-largest trading partner, Thailand's exports to Cambodia from January to May 2025 exhibit structural features:
- Gems and jewelry account for 36.5% (53.123 billion Thai baht), leveraging Thailand's jewelry processing cluster as the mainstay of Cambodia's high-end consumer market;
- Refined oil accounts for 13.75% (20.011 billion Thai baht), meeting Cambodia's energy needs while driving exports of chemical products (2.55%) and auto parts (2.48%).
Despite geopolitical tensions arising from border resource competition, trade complementarity still supports annual bilateral trade exceeding $14.8 billion, forming a unique pattern of "coexisting political friction and economic integration".
Conclusion
Cambodia's 2025 trade data reveals the deep reliance of its economy on external resources. The surging imports of mechanical equipment and textile raw materials confirm the trend of manufacturing upgrades, while the dominance of Asian economies such as China, Thailand, and Vietnam highlights the characteristics of regional industrial chain integration. Meanwhile, the diversified debt structure and Thailand's differentiated export strategy provide multi-dimensional perspectives for understanding Southeast Asian trade networks.
