Surge in Cambodia’s Exports: 15% Increase in First Four Months

Surge in Cambodia’s Exports: 15% Increase in First Four Months

PHNOM PENH, April 10, 2024 — Cambodia’s exports have seen a significant rise, reaching US$8,005 million in the first four months of this year, marking a 15.2 percent increase from the US$7,606 million recorded during the same period last year. This data was provided by the General Department of Customs and Excise.

The report also noted that the Kingdom’s imports during the same period grew by 9.3 percent to US$8,664 million. As a result, the total bilateral trade between Cambodia and its international partners for January to April amounted to US$16,670 million, showing a year-on-year increase of 12.1 percent.

The United States remained the largest market for Cambodia’s exports, purchasing goods worth US$2,617 million. Vietnam and China followed, with exports valued at US$1,713 million and US$486 million, respectively.

Penn Sovicheat, Secretary of State and Spokesperson for the Ministry of Commerce, attributed part of the export growth to the Cambodia-China Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP). He mentioned that these agreements have significantly contributed to the momentum seen in the country’s export sector.

“Despite global challenges such as the ongoing war crisis and weakening consumer purchasing power, demand for Cambodian products remains robust. Although there has been a decline in some sectors, there is notable growth in others, especially in markets within the RCEP member countries,” he explained.(eacnews)

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