Cambodia’s international trade witnessed a significant rise in January 2024, with total trade volume reaching $4.05 billion, marking a 16.7% increase from $3.47 billion recorded in the same month the previous year. This growth is detailed in a report released by the General Department of Customs and Excise on February 12, 2024.
The report highlights that the kingdom’s exports surged to $1.96 billion in January, showing a 27% increase from the year before. Imports also saw a rise, reaching $2.09 billion, which is an 8.7% growth compared to January of the previous year. This positive trajectory in trade reflects Cambodia’s expanding economic activities and its strengthening ties with international markets.
China remains Cambodia’s largest trading partner, followed by Vietnam, the United States, Thailand, and Japan. The composition of Cambodia’s exports is diverse, including key products like garments, footwear, travel goods, bicycles, dry rubber, milled rice, bananas, cashew nuts, mangoes, and longans. On the import front, the kingdom primarily brings in raw materials for its garment and footwear industries, petroleum, construction materials, automobiles, motorcycles, consumer goods, pharmaceuticals, and cosmetics.
The boost in trade activity can be attributed to significant trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA). These agreements have facilitated easier access to international markets, especially for Cambodian products entering China and other RCEP member countries, by offering preferential tariff rates.
Penn Sovicheat, Secretary of State and spokesperson for the Cambodian Ministry of Commerce, expressed optimism about the future of Cambodia’s trade, attributing the growth to the advantageous terms provided by RCEP and CCFTA. He anticipates that Cambodia’s export activities to international markets, particularly to China and RCEP member nations, will maintain an upward trend in the forthcoming months and years, further integrating the Cambodian economy into the global trade network.
Source: Khmer Times
