ISEAS Perspective: Cambodia’s Economy before and after the 2025 Border Conflict

Building under construction in Phnom Penh on March 17, 2026 | Photo by TANG CHHIN Sothy / AFP

In this paper published by NYSEAN Partner ISEAS – Yusof Ishak Institute, Richard Yarrow and Sovath Kenh discuss the changes in Cambodia’s economy before and after the 2025 border conflict with Thailand. Namely, Cambodia pivoted towards trade and investment with China and Vietnam over the last 10 years, with the United States as the leading export destination. In 2022, Thailand fell from being Cambodia’s second-largest to its third-largest source of imports.

Richard Yarrow is Research Fellow at Harvard University, Visiting Fellow at the University of Tokyo, and is a member of NYSEAN.

Sovath Kenh is an economist in Phnom Penh and was recently a postdoctoral fellow at Peking University.