Cambodia exported goods worth approximately US$19.8 billion during the first three quarters of 2024, up 17 percent from US$16.9 billion recorded in the same period last year, a report from the General Department of Customs and Excise of Cambodia showed on Thursday.
At the same time, the Kingdom imported some US$21 billion worth of goods from foreign markets, a year-on-year increase of 15.9 percent, the source pointed out.
Data showed that Cambodia’s total trade volume reached over US$40.9 billion, up 16 percent from US$35 billion during the same period in 2023.
China, Vietnam, and the U.S. were Cambodia’s biggest partners during the period, with a two-way trade volume of US$11.14 billion, US$7.8 billion, and US$5.8 billion, respectively.
However, the U.S. is the biggest market for Cambodia’s products with a total value of US$7.6 billion, sharing about 38 percent of the Kingdom’s total exports, read the report, adding that Vietnam ranked second with import of Cambodian goods reaching US$2.7 billion, a year
-on-year increase of 33.8 percent, while the exports to China were valued at US$1.27 billion, up 20 percent.
Cambodia’s main export products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles.
The Kingdom’s major imports include medicines and supplements, consumables and food and beverages.
The International Monetary Fund (IMF) predicted Cambodia’s economy in 2024 to expand by 5.5 percent driven by a strong rebound in garment and agricultural exports and the ongoing recovery in tourism.
Cambodia will gain more benefits from the free trade agreements with China and South Korea and mega-regional trade pact – RCEP for the long term, said Mr. Kenichiro Kashiwase, IMF’s mission chief to Cambodia.
‘We have seen that Cambodia has received the benefit from the free trade agreements. Moving forward, Cambodia needs to diversify trading partners, not just major economies like the U.S., China and Europe. Diversifyin
g trading partners can also provide additional benefits,’ Mr. Kashiwase said in a press conference on the conclusion of the mission on Sept. 30.
Source: Agence Kampuchea Presse