Kingdom’s exports to EU touches $3.3B in Q3
Kingdom’s exports to EU touches $3.3B in Q3
Cambodia’s export to the European Union (EU) surged to $3.29 billion in the first three quarters of 2024, up nearly 20 percent from $2.79 billion compared to the same period last year.
According to a report from the General Department of Customs and Excise of Cambodia, from January to September, the Kingdom’s imports from the EU amounted to 743 million, down 1.6 percent year-on-year.
The two-way trade (exports and imports together) rose by 13.87 percent to $4.04 billion, read the report.
Spain and Germany were Cambodia’s biggest trade partners in the EU with bilateral trade volumes of $822 million and $784 million respectively, the report stated.
Cambodia’s other destinations in the EU are France, Belgium and the Netherlands.
“The Kingdom’s trade with the EU accounted for 10 percent of the total trade during the period,” read the report.
The surge in exports to the EU showed that Cambodia’s products are competitive and fulfill larger orders and meet growing European demand, said Penn Sovicheat, Secretary of State of the Ministry of Commerce.
“This sustained growth in exports indicates the increasing competitiveness of Cambodian goods in the European market,” he said.
Cambodia mainly exports textiles, footwear, bicycles, foodstuffs, milled rice and other agricultural products to the EU under the EBA (Everything but Arms) scheme.
The increase of Cambodia’s products to the EU reflects the high demand for Cambodia-made products in the market, said Lim Heng, Vice President of the Cambodia Chamber of Commerce.
Speaking with Khmer Times, Heng said, “Under the trade preference scheme, Cambodian products have access to the EU market and increasing volume of exports reflects the demand for the products which meet quality standards.”
In August, the first-ever Cambodia-Europe Public-Private Sector Dialogue was held at the Council for the Development of Cambodia (CDC) to create a robust mechanism for protecting European investments in Cambodia and promoting sustainable development.
