Cambodia’s Trade Grows 16% in 2024, Driven by FTAs and WTO Milestone
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Cambodia’s international trade experienced a remarkable surge in 2024, increasing by 16% to reach US$54.74 billion, compared to US$46.82 billion in 2023, according to a report released by the General Department of Customs and Excise on January 10.
The Kingdom’s exports rose to US$26.19 billion, reflecting a year-on-year growth of 15.7%. Meanwhile, imports climbed to US$28.54 billion, marking an 18% increase compared to the previous year.
China, Vietnam, and the United States emerged as Cambodia’s top trading partners, with bilateral trade values of US$15.18 billion, US$10.18 billion, and US$7.78 billion, respectively.
Role of Free Trade Agreements and RCEP
The growth in trade was bolstered by Cambodia’s Free Trade Agreements (FTAs) with China and Korea, as well as the Regional Comprehensive Economic Partnership (RCEP). H.E. Penn Sovicheat, the Ministry of Commerce’s Secretary of State and spokesperson, highlighted the transformative impact of these agreements.
“RCEP and the Cambodia-China Free Trade Agreement have given a significant boost to the trade growth,” he noted.
Key Export and Import Products
Cambodia’s main exports included garments, machinery, electrical equipment, footwear, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys, and textiles. The country’s major imports comprised medicines, supplements, consumables, and food and beverages.
20 Years in the WTO
Marking its 20th anniversary of membership in the World Trade Organization (WTO), Cambodia celebrated two decades of integration into the global multilateral trading system. This milestone has been pivotal in expanding market access, enhancing competitiveness, and attracting foreign investment.
Prime Minister Samdech Moha Borvor Thipadei Hun Manet acknowledged the benefits of WTO membership, emphasizing its contribution to the country’s economic growth and international trade advancements.
The combined effects of strategic trade partnerships, FTAs, and WTO membership underline Cambodia’s dynamic integration into the global economy and its steady trajectory of growth in the international trade landscape.
Source: www.information.gov.kh
