Cambodia exported goods worth approximately $19.8 billion during the first three quarters of 2024, up 17 percent from $16.9 billion recorded in the same period last year, a report from the General Department of Customs and Excise of Cambodia showed on Thursday.
From January to September, the Kingdom imported $21 billion worth of goods to foreign markets, a year-on-year increase of 15.9 percent, read the report.
Data showed that Cambodia’s total trade volume reached over $40.9 billion, up 16 percent from $35 billion during the same period last year.
China, Vietnam and the US are Cambodia’s biggest partners during the period, with a trade value of $11.14 billion, $7.8 billion and $5.8 billion, respectively.
However, the US is the biggest market for Cambodia’s exports with a value of $7.6 billion, sharing about 38 percent of the Kingdom’s total exports, read the report.
Vietnam ranked second with imports from Cambodia reaching $2.7 billion, a year-on-year increase of 33.8 percent. Exports to China were $1.27 billion, up 20 percent.
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’s Secretary of State and Spokesman Penn Sovicheat said.
“RCEP and the Cambodia-China Free Trade Agreement (CCFTA) have given a significant boost to the trade growth,” Sovicheat told Khmer Times.
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 garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,300 factories, employing approximately 850,000 workers, mostly female.
The RCEP with new law on investment are the key factors in attracting FDI inflows to the country, said Lim Heng, Vice-President of the Cambodia Chamber of Commerce.
“Trade agreements offer huge markets to Cambodia and also attract investors to inject investment in Cambodia to process and produce for domestic markets and export,” Heng said.
The International Monetary Fund (IMF) predicted Cambodia’s economy in 2024 to expand by 5.5 percent driven by a strong rebound in garment and agricultural exports and the ongoing recovery in tourism.
Cambodia will gain more benefits from the free trade agreements with China and South Korea and the mega-regional trade pact – RCEP – in the long term, said Kenichiro Kashiwase, IMF’s Mission Chief to Cambodia.
“We have seen that Cambodia has received the benefit from the free trade agreements. Moving forward, Cambodia needs to diversify trading partners, not just major economies like the U.S., China and Europe. Diversifying trading partners can also provide additional benefits,” Kashiwase said a press conference on the conclusion of the mission held on September 30.
(Source: Khmertiemskh)