According to an official report released on Monday, Cambodia's foreign trade volume witnessed a significant increase, reaching $4.05 billion in January 2024, marking a notable uptick of 16.7% compared to the same period last year.
The report from the General Department of Customs and Excise highlights that Cambodia's total exports in January amounted to $1.96 billion, reflecting a robust growth of 27% compared to January of the previous year. Meanwhile, total imports reached $2.09 billion, showing a steady increase of 8.7%.
Leading the list of Cambodia's trading partners are China, Vietnam, the United States, Thailand, and Japan, according to the report.
Cambodia's exports predominantly consist of garment, footwear, and travel goods, along with bicycles, dry rubber, milled rice, bananas, cashew nuts, mangoes, and longans. Conversely, imports mainly comprise raw materials for garment, footwear, and travel goods, petroleum, construction materials, automobiles, motorcycles, consumer products, pharmaceuticals, and cosmetics.
Penn Sovicheat, Secretary of State and Spokesman for the Cambodian Ministry of Commerce, attributed this impressive trade growth to the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA). Sovicheat expressed confidence in the continued rise of exports to international markets, particularly to China and other RCEP member countries, thanks to the preferential tariffs provided by these agreements.
The surge in Cambodia's international trade underscores the positive impact of regional trade agreements and demonstrates the country's growing significance in the global trade landscape. As Cambodia continues to leverage its trade partnerships and capitalize on favorable trade agreements, it is poised for further economic growth and development in the coming months and years.
