International trade grows nearly 20% in Jan-Feb ‘24
International trade grows nearly 20% in Jan-Feb ‘24
The gradual recovery of global economic growth has bolstered the value of Cambodia's international trade in the first two months of 2024, surpassing $8 billion, as reported by the General Department of Customs and Excise (GDCE).
Between January and February, the Kingdom's import-export activity with international trading partners totalled $8.12 billion, marking a 19.2% increase from $6.81 billion during the same period of 2023.
Cambodia exported goods worth $3.98 billion, up by 22.7%, while imports reached $4.13 billion, a 16.1% increase.
The country’s trade deficit stood at approximately $149.64 million for the period, considerably lower than the $313.33 million recorded during the corresponding period of 2023.
Its principal trading partners include China, the US, Vietnam, Thailand, Japan, Indonesia and Canada, as per the GDCE.
Ky Sereyvath, an economics researcher at the Royal Academy of Cambodia, told The Post that the escalation in trade value affirms the global economic recovery from recent crises.
He noted that a robust economy enhances consumer goods demand and cash flow.
Sereyvath said the rise in the value of both imports and exports is positive, as it suggests an increase in both domestic goods demand and exports. He cautioned that if only exports were to rise, it could indicate stagnation or a decline in domestic demand.
"The simultaneous increase in exports and imports … is beneficial for the economy and is likely to persist in the near future," he stated.
However, Sereyvath emphasised the need for local producers to intensify and broaden domestic production to capitalise on global market opportunities, especially with the enactment of the Regional Comprehensive Economic Partnership (RCEP), which is enhancing the country’s export market.
"Cambodia has greater opportunities to boost its exports. Beyond textiles, there is potential for growth in electronics and auto parts exports to international markets," he added.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, noted that the volume of exports in the first two months of 2024 increased by about 20%.
He attributed the rise to the country’s enhanced production capacity and adherence to international quality standards.
"I am confident that the value of Cambodian exports will continue to rise this year. The Kingdom now offers a wide range of export products, and the reputation, quality and price of Cambodian goods are highly competitive," Heng stated.
Chea Vuthy, secretary-general of the Council for the Development of Cambodia’s (CDC) Cambodian Investment Board (CIB), said on March 8 that in the first two months of 2024, the country experienced a substantial influx of investments totalling over $1.3 billion.
He said the figure marks an increase of more than 500% compared to the same period in 2023, with Chinese investments accounting for about $545 million, approximately 39% of the total.
According to the GDCE, the Kingdom’s international trade in 2023 amounted to $46.83 billion, marking a 1.9% decrease from the $47.71 billion logged in 2022. Cambodian exports were valued at $22.65 billion, showing a 1.8% increase, while imports were at $24.18 billion, a decrease of 5% from $25.46 billion.
