Cambodia’s exports rise 16.7% in eight months
Cambodia’s exports rise 16.7% in eight months
Cambodia’s exports reached $17.58 billion in the first eight months of this year, a surge of 16.7 percent compared to the same period last year, according to the trade data released by the General Department of Customs and Excise (GDCE) yesterday.
Cambodia’s imports too went up reaching $18.9 billion during the January to August period this year, an increase of 16.2 percent, compared to the same period last year.
The Kingdom’s international trade (exports and imports together) reached $36.48 billion in the first eight months of 2024, recording a growth of 16.5 percent year-on-year with the balance of trade showing a deficit of $1.32 billion.
During the same period last year, Cambodia’s total trade stood at $31.32 billion, with exports contributing $15.06 billion and imports $16.26 billion.
Like last year, China continued to be the biggest trading partner of the country in the January to August period of 2024 as well and the US remained its biggest export destination.
Trade with China recorded a growth of 24.5 percent, compared to the first eight months in 2023, and reached $10.07 billion.
Trade with the US, now the second biggest trading partner of the Kingdom, registered a growth of 10.4 percent during the same period and reached $6.92 billion, the data revealed.
Vietnam is Cambodia’s second-biggest export destination and third-biggest trading partner. The Kingdom’s trade with the neighbouring country recorded a growth of 21.6 percent to reach $5.23 billion.
Exports to Vietnam grew to $2.46 billion, registering an impressive growth of 33 percent.
While the US has a share of 38.4 percent of Cambodia’s exports, Vietnam claims a share of 14 percent. China which bought goods worth $1.14 billion is in the third position with an export share of 6.5 percent.
Japan is now the fourth biggest export destination of Cambodia accounting for $924 million and 5.1 percent of the market share. The exports to Japan rose by 20 percent in the first eight months this year, compared to the same period last year.
While Cambodia imported $8.92 billion worth of goods from China, it purchased $2.76 billion worth of goods from Vietnam and just $174 million worth goods from the US.
Thus, Cambodia has a $7.77 billion trade deficit with China but a surplus of $6.57 billion with the US by the end of August 2024.
The Kingdom also registered a deficit of $304 million in trade with Vietnam. The country has a trade deficit of $1.64 billion with Thailand but recorded a surplus of $444 million with Japan.
The trade data also indicates a big turnaround in garments, footwear and travel goods (GFT) exports from Cambodia with exports of knitted apparel articles and clothing accessories registering a growth of 20.1 percent and non-knitted apparel and clothing accessories 31.9 percent compared to the same period last year.
Exports of footwear articles grew by 22.4 percent and travel goods by 20.9 percent year-on-year. The GFT sector has been the biggest export earner for Cambodia for the last many years.
Exports of rubber and articles made of rubber brought in $882 million, recording a surge of 84 percent.
While speaking with Khmer Times, recently, Ky Sereyvath, Senior Economist and Director General of the Institute of China Studies at the Royal Academy of Cambodia, said that the recovery made by the global economy is clearly helping the Cambodian exports.
According to him, the Purchasing Managers’ Index (PMI) for the manufacturing sector has risen, indicating a recovery in demand for Cambodian products.
