Cambodia exported goods worth approximately $23.93 billion during the first eleven months of 2024, up 16.8 percent from $20.49 billion recorded in the same period last year, a report from the General Department of Customs and Excise of Cambodia showed on Tuesday.
From January to November, the Kingdom imported $25.94 billion worth of goods to foreign markets, a year-on-year increase of 17.9 percent, read the report.
Data showed that Cambodia’s total trade volume reached over $49.87 billion, up 17.4 percent from $42.5 billion during the same period last year.
The US, Vietnam, China, Japan, and Canada are Cambodia’s biggest markets during the period, with a trade value of $9,068 million, $3,298 million and $1,607 million, $1,272 million, and $1,010 million, respectively.
Cambodia’s free trade agreement with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) have contributed to the rise in trade, the Ministry of Commerce’s Secretary of State and Spokesman Penn Sovicheat said.
“Free trade agreement, RCEP, and trade preferences in the US and EU have given a significant boost to the trade growth,” Sovicheat said in a press conference held on Monday.
The Ministry of Commerce has prepared measures to establish free trade agreements with other partner countries, with the principle of strengthening existing markets and expanding new markets under the guise of free trade agreements, he said.
“We do not depend completely on trade preference schemes, we are working to get more FTAs with potential trading countries to diversify markets for Cambodia’s products and exports,” Sovicheat said.
Cambodia’s main export products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles.
Cambodia’s major imports include medicines and supplements, consumables and food and beverages.
The free trade agreements and trade preference schemes are key factors in boosting the country’s exports and also attract investment due to the country’s huge markets, said Lim Heng, Vice-President of the Cambodia Chamber of Commerce.
Speaking to Khmer Times, Heng said, “The more trade preferences and free trade agreements will add more momentum in boosting export products to international markets.”
