Cambodian exports to EU, UK jump 20%
Cambodian exports to EU, UK jump 20%
Cambodia’s exports to the European Union and to the United Kingdom jumped more than 20 percent each last year, according to the latest government data.
The trade balance with both markets was heavily in Cambodia’s favour.
Exports to the EU increased 20.4 percent to $4.4 billion from $3.7 billion in 2023, the Ministry of Commerce said.
Imports fell 3.3 percent to $917 million from $949 million, leaving a balance of $3.5 billion in Cambodia’s favour.
The two-way trade total of $5.3 billion was a 15 percent increase.
Cambodia’s exports to the UK also jumped 20.4 percent, to $958.8 million from $796.4 million, a spokesman for the General Department of Customs and Excise (GDCE) told Khmer Times yesterday.
The Kingdom imported $53.7 million of products from the UK, a fall of 29.9 percent from $76.8 million a year earlier.
“The increase in exports to the EU demonstrates that Cambodia’s products are competitive, fulfilling larger orders and meeting the growing demand in Europe,” said Penn Sovicheat, Secretary of State and spokesman at Cambodia’s Ministry of Commerce.
“This sustained growth in exports signifies the increasing competitiveness of Cambodian goods in the European market.”
Spain and Germany were Cambodia’s largest trade partners within the EU, with bilateral trade volumes of $1.0 billion and $911 million respectively, the Ministry of Commerce said.
Cambodia’s main export to the EU and the UK are textiles, footwear, bicycles, foodstuffs, milled rice, and other agricultural products.
Its main imports from both markets are electrical goods and some textiles.
Officials from Cambodia and the UK met in Phnom Penh in November for the second Joint Trade and Investment Forum.
Commerce Minister Cham Nimul told the forum Cambodia’s integration into global markets was an important plank of its Vision 2050 to become an upper-middle-income economy by 2030 and a high-income country by 2050.
“Cambodia has benefited greatly from regional and bilateral relations that have shaped and reinforced Cambodia’s commitment to inclusive multilateralism,” she said.
“Looking ahead, the path to sustainable prosperity requires steadfast commitment from all stakeholders, including sound public- private partnership mechanisms, the development of tailored regulations and policies, and support for the private sector to fully capitalize on existing advantages, particularly preferential and incentivised benefits.”
The UK’s ambassador to Cambodia, Dominic Williams, told the forum the Cambodia-UK trade relationship played a key role in helping Cambodia achieve its economic goals.
“I firmly believe that the UK-Cambodia trade and investment relationship brings huge benefits to both sides and plays a significant role in supporting Cambodia’s development goals,” he said.
“The UK is a top 10 export market for Cambodian goods, and we are keen to help even more Cambodian producers to sell their amazing products to UK consumers.
“This will support key sectors of Cambodia’s economy to grow, and support jobs for hard-working Cambodians.
“I am also keen to help UK businesses expand their presence in Cambodia, especially in education, infrastructure and financial services.
“The UK has firms with exceptional experience in these sectors, which they can deploy both to generate revenue for the UK and to enhance Cambodia’s global competitiveness.”
Cambodia’s total international trade increased significantly in 2024, growing by 16 percent to $54.7 billion from $46.8 billion in 2023, the GDCE said earlier this month.
It said the Kingdom exported $26.19 billion worth of goods to foreign markets in 2024, a 15.7 percent increase from the previous year.
And imports were $28.54 billion, up 18 percent year-on-year.
China, Vietnam, and the US are Cambodia’s biggest trade partners, at $15.18 billion, $10.18 billion, and $7.78 billion, respectively.
