Cambodia’s international trade significantly increased in 2024, growing by 16 percent to $54.74 billion from $46.82 billion in 2023, a report from the General Department of Customs and Excise of Cambodia showed on Jan. 10.
The report said the Kingdom exported $26.19 billion worth of goods to foreign markets, a 15.7 percent increase from the previous year.
It added that the country imported $28.54 billion worth of goods from trading partners, up 18 percent from the previous year.
According to the report, China, Vietnam, and the U.S. were Cambodia’s biggest partners during this period, with a trade value of $15.18 billion, $10.18 billion, and $7.78 billion, respectively.
The ministry’s secretary of state and spokesperson, H.E. Penn Sovicheat, said Cambodia’s Free Trade Agreements with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) have contributed to the rise in trade.
“RCEP and the Cambodia-China Free Trade Agreement have significantly boosted the trade growth,” Penn Sovicheat stressed.
Cambodia’s main exported products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles, while the major imports include medicines and supplements, consumables and food and beverages.
The country marked its 20th anniversary in the WTO, underlining a pivotal moment in the country’s efforts to integrate into the global multilateral trading system and highlighting the achievements of this historic milestone.
Hun Manet, Prime Minister of Cambodia, has recently lauded the benefits of WTO membership to Cambodia’s economy, which include increased market access, enhanced competitiveness, and the attraction of foreign investment. AKP
