According to a recent report by the General Department of Customs and Excise, Cambodia’s export turnover reached nearly $20.5 billion in the first 11 months of 2023, marking a slight increase of 1.2% compared to the previous year.
The United States, Vietnam, China, Thailand, and Japan emerged as Cambodia’s top five export markets during this period. Despite a 0.9% decline in imports from Cambodia, the US remained the largest importer, spending $14 billion on goods from the Southeast Asian nation.
In contrast, Cambodia experienced significant growth in export turnover to Vietnam and China, with a surge of 37.8% and 18.5% respectively. The export value to Vietnam reached $2.61 billion, while exports to China amounted to $1.31 billion in the January to November timeframe.
Cambodia’s garment, footwear, and tourism industries were the leading contributors to foreign exchange revenue. The country boasts 1,133 plants and branches operating in these sectors, providing employment opportunities for approximately 840,000 laborers.
Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations, highlighted the positive impact of trade incentives provided by the Regional Comprehensive Economic Partnership (RCEP) on promoting trade and investment activities. Siphana emphasized that the RCEP has created favorable market access opportunities for Cambodian products, laying the foundation for sustainable economic development in the coming years.
Overall, Cambodia’s export sector has demonstrated resilience and stability, achieving a modest increase in turnover despite uncertainties in the global market. The country’s focus on key industries, along with its participation in regional economic agreements, has played a crucial role in driving exports and supporting economic growth. With continued efforts and favorable market conditions, Cambodia aims to further expand its export capabilities and diversify its trading partners in the future.
Source: Khmer Times