Cambodia’s trade soars by 9.4%, worth $52 billion
Cambodia’s trade soars by 9.4%, worth $52 billion
Cambodia’s international trade with 170 countries exceeded $52 billion from August 2023 to July this year, an increase of 9.4 percent compared to the same period last year, said Neth Pheaktra, Minister of Information (MoI).
Presiding over the Cambodia Footwear Association (CFA) annual member gala dinner on Saturday, Pheaktra appreciated the collaboration between the CFA members and the government in creating job opportunities for citizens at the grassroots level and boosting the national economy as a whole.
During the event, Mohan Bandam, Publisher of Khmer Times and Pan Ganwu, Director of ASEANTOP News signed a memorandum of understanding (MoU) on cooperation.
Pheaktra highlighted the achievements under the leadership of former Prime Minister Hun Sen, current President of the Senate, and the ongoing effort of Prime Minister Hun Manet to maintain peace, economic growth and development across all sectors over the last two decades.
He said that Cambodia’s economy achieved 5 percent growth in 2023 and is projected to grow 6 percent by the end of this year. “Key sectors that support this growth include agriculture, hospitality, industry and especially the garment sector,” he added.
“From August 2023 to July 2024, international trade increased by 9.4 percent compared to the same period in the previous year, equivalent to $52 billion, while exports increased by 12 percent, accounting for about $25 billion, shipping to 170 countries worldwide,” Pheaktra said.
The minister noted that the manufacturing sector which includes footwear products has shown a remarkable 20 percent growth, reaching approximately $5.6 billion in the same period.
“Despite the crisis in recent years caused by the Covid-19 pandemic, the economic uncertainty due to the protectionist policies of powerful countries and several wars broke out, Cambodia’s economy continues to grow dynamically thanks to political and macroeconomic stability, and the success in fighting against the disease.”
Pheaktra attributed these achievements to the efforts and the right policies of the Royal Government of Cambodia (RGC).
He urged foreign businessmen to invest in potential sectors to seize the opportunities and benefits provided by the RGC through the new investment law.
Ly Kun Thai, Chairman of CFA expressed appreciation for the support and trust the government reposed on the private sector.
He said that challenges present opportunities, expressing confidence that by working closely together, we (CFA members) can play a pivotal role in promoting Cambodia’s footwear industry on the international stage.
Thai called upon members to continue close cooperation, building on a strong foundation in the past for the sustainable future of the Kingdom.
Tony Tung, Executive Vice-Chairman of CFA said that over the past five years, CFA has achieved remarkable results from its inception to present development. “Of course, these successes are indispensable to the joint efforts and support of all members,” he added.
“As a member of the Board of Directors who invested in the footwear industry in the country for over a decade, I deeply understand the geographical potential and the bright future of the footwear industry.”
The remarkable achievement is the outcome of a spirit of unity and cooperation which allows us to gain a foothold in the global market, the CFA Vice-Chairman added.
Kha Leng, Secretary of State of the Ministry of Commerce (MoC) and Oknha Tan Khee Meng, President of the Malaysian Business Chamber in Cambodia (MBCC) were present on the occasion.
