Cambodia-International Trade Reaches US$45 Billion in 10 Months

In the 10 months from January to October 2024, the volume of Cambodia-international trade reached more than US$45 billion, an increase of 16% compared to the same period in 2023. This is according to data from the General Department of Customs and Excise of Cambodia (GDCE) released on November 11, 2024.

According to GDCE data, Cambodia's exports amounted to US$21.57 billion, up 16%, while imports amounted to US$23.49 billion, an increase of 17%.

Neak Oknha Ly Khun Thai, Chairman of the Cambodia Confederation of Investors Association (CCIA), said that in 2024, the demand in the textile industry will increase in international markets such as the United States and Europe, increasing Cambodia's exports.

Dr. Hong Vannak, an economics researcher at the Royal Academy of Cambodia's (RAC), told local media on November 11, 2024, that good relations between Cambodia and international countries, good relations between employers and international buyers, and the quality of Cambodia's goods make exports grow.

He added that the royal government can meet the partner governments' requirements and orders from Cambodia, focusing on garments, clothing, and travel accessories such as footwear, which are all priority goods that are the backbone of Cambodia's economy, leading to the European Union and the United States.

He believes that “the acquisition of large quantities of textiles and clothing is due to Cambodia's government working closely with manufacturing enterprises that follow the principles of the buyer, including welfare conditions and the minimum wage, which increases orders.”

He also added that agricultural exports will also increase in 2024 as Cambodia has free market agreements with major bilateral and multilateral partners, including China, which has bought some agricultural products from Cambodia, such as rice, mango, turmeric, bananas, yellow bananas, etc., while the export of Cambodia's agricultural products to neighboring countries also increased.

Cambodia's exports to international markets include garments, footwear, machinery and electrical appliances, leather goods, fur equipment, grain, rubber, rubber products, furniture, and so on.