AKP Phnom Penh, January 10, 2024 --

Cambodia’s international trade has seen a significant increase in 2024, growing by 16 percent to US$54.74 billion, from US$46.82 billion in 2023, a report from the General Department of Customs and Excise of Cambodia showed on Jan. 10.

The Kingdom exported US$26.19 billion worth of goods to foreign markets, a year-on-year increase of 15.7 percent, read the report.

The country imported US$28.54 billion worth of goods from trading partners, up 18 percent compared to the previous year, it added.

China, Vietnam, and the U.S. were Cambodia’s biggest partners during the period, with a trade value of US$15.18 billion, US$10.18 billion, and US$7.78 billion, respectively, according to the report.

Cambodia’s Free Trade Agreements with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) have contributed to the rise in trade, the ministry’s secretary of state and spokesperson H.E. Penn Sovicheat said.

“RCEP and the Cambodia-China Free Trade Agreement have given a significant boost to the trade growth,” H.E. Penn Sovicheat stressed.

Cambodia’s main exported products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles, while the major imports include medicines and supplements, consumables and food and beverages.

The country marked her 20th anniversary in the WTO, underlining a pivotal moment in the country’s efforts to integrate into the global multilateral trading system and highlighting the achievements of this historic milestone.

Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia, has recently lauded the benefits of WTO membership to Cambodia’s economy including increased market access, enhanced competitiveness, and the attraction of foreign investment.

By Chea Vannak