Cambodia’s exports up 15.7% to $26 billion in 2024, GDCE says
Cambodia’s exports up 15.7% to $26 billion in 2024, GDCE says
Cambodia exported goods worth approximately $26.19 billion last year, up 15.7 percent from $22.64 billion in 2023, a report from the General Department of Customs and Excise of Cambodia (GDCE)showed last Friday.
Kingdom imported $28.54 billion worth of goods from trading partners, an 18 percent increase year-on-year, read the report.
Data showed that Cambodia’s total trade volume reached over $54.74 billion, up 16 percent from $46.82 billion a year before.
The US remains the biggest market for made-in-Cambodia-products with a total export of $9.91 billion, up 11.4 percent year-on-year, followed by Vietnam and China, and Japan with exports worth $3.61 billion, $1.75 billion, and $1.4 billion, respectively, the report added.
Cambodia’s free trade agreements with China and South Korea and the Regional Comprehensive Economic Partnership (RCEP) have gradually contributed to the trade growth, the Ministry of Commerce’s Secretary of State and spokesman Penn Sovicheat said.
“Free trade agreements, regional trade agreements – RCEP, and trade preferences are catalysts in boosting the country’s exports,” Sovicheat said.
The ministry has also prepared measures to establish free trade agreements with other partner countries, Sovicheat added.
The Kingdom’s main export products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles, according to the ministry.
Cambodia’s major imports include medicines and supplements, consumables and food and beverages.
Lim Heng, Vice-President of the Cambodia Chamber of Commerce, expressed satisfaction, viewing the trade preference schemes and trade agreements as sources for Cambodia-made products and attractiveness of foreign investment to the country.
“The more trade preferences and free trade agreements will add more momentum in boosting export products to international markets and attract new investors to step into the country for producing, processing, and exports to abroad,” he said.
Prime Minister Hun Manet has recently lauded the benefits of WTO membership to Cambodia’s economy including market access, enhanced competitiveness, and attraction of foreign investment.
