Cambodia gold imports raise eyebrows

While not traditionally a major market, data indicates exports have boomed in recent years

- NAREERAT WIRIYAPONG PHUSADEE ARUNMAS

Thailand’s gold exports to Cambodia are being monitored as the figures rose substantially in recent years and 2025, though the Gold Traders Association (GTA) maintains Cambodia is not a major export market.

GTA president Jitti Tangsithpakdi said Singapore and Hong Kong are the major export and import destinations for Thai gold.

Gold is imported from Switzerland, Australia and South Africa, but exporters from those countries have offices in either Singapore or Hong Kong to manage the time difference.

Exports to Cambodia remain relatively low as the neighbour allows only licensed importers to bring in gold and a portion of the amount is shipped to other markets where gold demand is higher, such as Vietnam, he said.

Mr Jitti brushed aside a statement from Kriengkrai Thiennukal, chairman of the Federation of Thai Industries, that gold exports to Cambodia have soared, replacing refined oil as Thailand's main shipment to the neighbouring country.

“I think we need to clarify where such a figure came from and its accuracy. The official data we rely on comes from the Customs Department. We don’t track gold channelled through borders, as the amount is not clearly specified,” he told the Bangkok Post.

The Bank of Thailand has called for a meeting with gold exporters and importers next week to discuss the issue, said Mr Jitti.

Based on data from the Commerce Ministry, the value of gold exports to Cambodia skyrocketed from US$253 million in 2020 to $1.57 billion in 2022, before plunging to $362 million in 2023. Then exports soared to $3.04 billion last year.

In the first seven months of 2025, gold export value to Cambodia was nearly $2.15 billion, up from $1.67 billion year-on-year, with Cambodia the second-largest export market for Thai gold after Switzerland.