Cambodia is seeing notable growth in its export sector, with total exports reaching $14.76 billion in the first seven months of 2024. This represents a significant 14% increase compared to the same period last year, when exports totaled $12.9 billion, according to a recent report.
The largest market for Cambodian products remains in North America, with exports totaling $5.51 billion and reflecting a substantial 64% increase from the previous year. Other significant markets include Southeast Asia and East Asia, with exports reaching $2.2 billion and $970 million, respectively, showing growth rates of 37.7% and 19.7%.
Cambodia's imports also grew, totaling $16.42 billion during the same period, a 15.9% increase from $15.19 billion last year. This brings the total international trade to $31.18 billion, a 15% increase year-on-year.
Key export categories include garments, footwear, machinery, electrical equipment, and travel goods, which are crucial to the country's foreign exchange earnings. The garment, footwear, and travel goods sector remains the largest contributor, with numerous factories employing a significant number of workers.
Major imports consist of medicines, consumables, and food and beverages. The surge in exports is attributed to increased global demand and effective trade facilitation initiatives, including Free Trade Agreements (FTAs) that have reduced tariffs and trade barriers, enhancing the competitiveness of Cambodian goods globally.
The industrial sector, encompassing both garment and non-garment manufacturing, continues to drive economic development, attract new investments, and boost exports. The number of factories in the country has reached a new high, contributing to job creation and economic growth.
The positive impact of trade preference schemes with key international markets further supports the country’s export growth, reflecting a favorable environment for exporters and the benefits of trade agreements and preferences.
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